Chanel to pay record $13K a foot for Rodeo Drive retail property
Luxe retailer Chanel is paying a record $13,000 a foot for a retail space in Beverly Hills.
The 11,500-square-foot property, at 400 North Rodeo Drive, is slated to sell for $152 million, crushing the previous record set by the 2012 sale of another building on Rodeo Drive for about $10,400 a square foot, according to the Wall Street Journal.
Experts said the deal is further evidence that buyers are willing to shell out top dollar for properties in high-profile, tier A locations nationwide.
“It’s like buying a very expensive billboard,” said Scott Kalt, a founding partner at Elkins Kalt Weintraub Reuben Gartside, a Los Angeles law firm that worked on the deal. [WSJ] — Katherine Clarke