Cushman & Wakefield Reps Buyer in One of 2018’s Biggest Retail Investment Sales
LOS ANGELES, October 23, 2018 – Cushman & Wakefield (NYSE: CWK) announced today the sale of 457-459 N. Rodeo Drive in Beverly Hills, CA.
The 11,625-square-foot retail building, home to Italian menswear retailer Brioni and British luxury fashion house Alexander McQueen, sold for $96 million. At $8,240 per square foot, it was one of the highest price-per-square-foot retail sales this year.
A joint venture, led by Michael Shabani of Crown Equity, Hakim Holdings, GWP Real Estate, and Mazal Enterprises, acquired the property from Lang & Lang Properties, LLC. Carine Mamann, Kazuko Morgan, and Stephen Algermissen from Cushman & Wakefield represented the buyer in the transaction.
“Rodeo Drive is one of the most prestigious streets in the world and it is very rare that an investor has an opportunity to buy a building that is 100% leased to Kering brand luxury tenants,” said Senior Director Carine Mamann.
457-459 N. Rodeo Drive comprises 7,150 square feet of ground floor space, ±600 square feet on the mezzanine level, and ±3,875 square feet on the basement level.
The property features 50 feet of frontage on Rodeo Drive, where rents along Rodeo Drive can run $875 to $1,000 per square foot per year, according to Cushman & Wakefield research.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.