The Beverly Hills home of Emporio Armani Boutique has been sold for an estimated $40 million.
New York real estate investment group Jenel Management Corp. last month bought the 18,205-square-foot retail and office building at 9533 Brighton Way in the city’s famed Golden Triangle retail district from GLL Real Estate Partners of Munich.
Financial details were not disclosed, but industry sources said the deal was worth $40 million.
GLL purchased the property in 2010 for $25.4 million, and began to market it when it felt the improving economy and demand for high-end retail properties would help it earn the return it sought, according to Patrick Inglis, vice president at Jones Lang LaSalle Inc., who represented the seller in the deal.
The sale price of about $2,197 a square foot is among the highest prices paid for retail in the city in the last five years.
The building, between Rodeo and Camden drives, boasts one of the largest storefronts in Beverly Hills, spanning more than a half-block.
Armani, which occupies the entire building, plans to downsize when its lease expires early next year.
Inglis said the new owners plan to upgrade the 83-year-old building and convert the property into a space for multiple tenants after Armani’s lease expires. It plans to target other high-end apparel companies for the additional space.
He added that the new owners hold high-end retail property nationwide and felt this building would fit well into its portfolio.
“Beverly Hills is a market where product doesn’t trade very often,” he said. “Something adjacent to Rodeo does attract a lot of interest.”
Michael Zietsman, Jones Lang managing director, also represented the seller. The buyer was represented internally.
Chinese investment company Stephens S LLC has purchased the 30,048-square-foot Primrose Design building at 833 S. Spring St. in downtown L.A.’s fashion district for $8.8 million from 833 South Spring Street LLC, according to Grant Fulkerson, a principal at Lee & Associates-LA North/Ventura who represented the seller.
The fully occupied building comprises offices and showrooms for 13 high-end creative companies and fashion design firms including Free People, Whitney Eve and Alternative Apparel.
The gentrifying fashion and arts districts downtown gave the property an attractive upside to the new owner, which expects values in the neighborhood to continue to rise.
“This building presented a rare opportunity to acquire an asset in an area undergoing major revitalization along with tremendous upside in rental rates,” Fulkerson said.
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