Vital Statistics (SALE)
Property Address: 457 North Rodeo Drive, Beverly Hills
Square Footage: 11,600
Deal Value: $122,000,000
Newmark’s Jay Luchs brokered the sale of a 11,600 square foot property in Beverly Hills, which is leased by fashion houses Alexander McQueen and Brioni, for a total of $122 million. The sellers, Crown and Ascendent, sold the property to a private foreign family office. This was a massive dead to take place amid the pandemic. Luchs said the sale is “a very positive sign” for the retail strip as many retail stores in Beverly Hills has been forced to close for months. This transaction is significant in that buildings on Rodeo rarely sell – it is one of the most south after luxury streets in the world.
Vital Statistics (SALE)
Property Address: 450 S. Western Avenue, Los Angeles
Square Footage: 80,046
Deal Value: $57,500,000
Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample with CBRE’s downtown Los Angeles office represented the seller, a private developer, in the $57.5 million sale of 80,046 square-foot shopping center in Koreatown to a private investment company. California Marketplace, a three-story retail property located at 450 South Western Avenue, is anchored by a Korean grocery store and features an adjacent four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog, and BMB Medical.
