Multi-Tenant Retail Property in Beverly Hills Fetches $920/SF

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RENTV.COM

An 8.7k sf, multi-tenant retail property in Beverly Hills traded hands for $8 mil, in a transaction that works out to $920/sf. The property, built in 1951, sits on 0.29 acres at 301-311 North Robertson Blvd, at the intersection of Robertson and Dayton Way/Colgate Ave.

The property’s high-identity Robertson Blvd location is in an area that is home to unique shops, popular boutiques, high-end labels and trendy restaurants. Tenants at the building, which boasts over 120 feet of frontage along Robertson, include Altman’s Surfaces, Hair by Violet, Art One Gallery and Beverly Hills U.S. Mail Boxes.

Carlos Lopez, Lee Csenar and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the buyer, GEK Construction Inc of Beverly Hills, and the seller, a family trust based in Long Beach.

According to Csenar, “The buyer has the opportunity to lease-up, at market rent, the remaining 28% vacancy which is ideally situated in a 2.4k sf, cap-end space on a high-visibility corner in a coveted Beverly Hills address that is located less than one mile from the ‘Golden Triangle.’ The property is also near the future Metro station at Wilshire and La Cienega boulevards.”

The Golden Triangle is a several blocks-wide triangular-shaped-area in Beverly Hills, anchored by Rodeo Drive in the middle, one of the most prestigious retail addresses in the world, featuring luxury flagship stores that include Cartier, Fendi, Louis Vuitton, Ralph Lauren, Tom Ford and Valentino. The area has become one of the top tourist destinations in Southern California.

The property is also located one-third of a mile from top-ranked Cedars-Sinai Medical Center, one of the largest nonprofit academic medical centers in the U.S., with 886 licensed beds, 2,100 physicians, 2,800 nurses and thousands of other healthcare professionals and staff.