Four parcels in Beverly Hills’ Golden Triangle hit the market for $100M

Current tenants include trendy restaurants and an upscale hair salon

Oct.October 12, 2017 03:00 PM

UPDATED, Monday, October 16, 2017, 4:15 pm: When it comes to land prices, Beverly Hills might as well be paved in diamonds. Case in point: Canon Drive.

Four contiguous properties on N. Canon Drive just hit the market for a whopping $100 million, The Real Deal has learned. As a whole, the property provides 200 feet of frontage, comprised of four individual 50-foot parcels.

Gensler-designed renderings in listing materials suggest a 57,000-square-foot, mixed-use commercial structure could be built on the site, replacing the businesses that now operate there. Zoning allows for a three-story building with underground parking, according to marketing materials.

Upscale Italian restaurant Il Pastaio, Umberto hair salon, Japanese restaurant Shiki and Porta Via currently reside at 400-420 N. Canon. Contemporary eatery Porta Via expanded its restaurant in 1999 into space that includes 424 N. Canon.

Umberto Savone — hair guru and landlord — has been amassing the contiguous properties for decades, along with his wife, Babette, property records show.

Jason Oppenheim of Oppenheim Group and Joyce Rey of Coldwell Banker have the open listing.

Oppenheim said he expects an institutional investor or private investor to build the marketed, commercial site.

“It is one of the most unique trophy properties available in the world, and to my knowledge, the most unique development [opportunity] in the Beverly Hills triangle,” Oppenheim said.

The Savone family formerly owned the space used by the Gagosian Gallery at 456 North Camden Drive in Beverly Hills. They sold that property for $11 million in 2013. Oppenheim brokered the deal.

Correction: An earlier of this version stated that Jason Oppenheim was the sole listing agent.

Related Articles

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio