A joint venture made up of four entities bought the building that holds the Beverly Hills shops of Italian menswear retailer Brioni and British luxury fashion house Alexander McQueen, paying $96 million for the 11,625-square-foot property at 457-459 N. Rodeo Drive in a deal announced last week.
The price was among the highest in the Beverly Hills market this year, at $8,240 per square foot.
The property was acquired from Lang & Lang Properties by a joint venture that includes Michael Shabani, of Crown Equity; Hakim Holdings; and GWP Real Estate – all based in Beverly Hills – and Chatsworth-based Mazal Enterprises.
Cushman & Wakefield brokers Carine Mamann, Kazuko Morgan and Stephen Algermissen represented the buyer in the transaction.
The building is 100 percent leased to the two retailers. The property features 50 feet of frontage on Rodeo Drive, according to Cushman & Wakefield research.
There have been bigger sales on the street. Bijan’s yellow store on Rodeo Drive sold to LVMH Moet Hennessy Louis Vuitton for $122 million or $19,405 per square foot, in 2016.
