The 11,000-square-foot Tommy Hilfiger store at the intersection of Robertson and Beverly boulevards in West Hollywood traded last month for a record price.
Investor Jerry Illoulian bought the property, at 157 N. Robertson Blvd., for $31 million – $2,814.86 a square foot – from Diana Katsenes.
Gabe Kadosh, a vice president at Colliers International, said the square-foot price was high, even for the hot West Hollywood retail market, where recent sales have averaged roughly $1,200 a square foot. The price was even slightly higher than what has previously been seen on North Robertson, a hot spot for high-fashion retail in the two-block stretch from Beverly to Third Street, he said.
“Properties on Robertson don’t change hands often,” Kadosh said. “The prices are steep because there’s limited real estate. West Hollywood is one of the only areas of Los Angeles that is walkable, and Robertson is almost its own subset as a shopping destination.”
Ted Stafford, president of the West Hollywood firm Stafford Commercial Real Estate Inc., represented the seller; Aaron Abrams and Chris Spirito of the same firm represented the buyer.
The brokers declined to comment on the transaction. The seller and the buyer could not be reached for comment.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Playa Vista Deal Shores Up Investor’s Portfolio
- RETAIL---Hilfiger Planning Third Street Move
- Shop Buyer Might Have Mixed-Use Plan in Store
- FASHION---Prada's Rodeo Drive Flagship to Enter Dubious Market
- New York Investor Sold on West Hollywood Retail
- Retailers Sold On Boulevard?
- Focus on Quality, Quantity
- Centered on Sunset