Quantcast

The Real Deal Los Angeles

These are LA County’s top 5 retail investment sales of October

Rodeo Drive’s sky-high prices dominate list again
By Gregory Cornfield |
Research by Haru Coryne
November 20, 2018 05:40PM

357 North La Brea and 457 North Rodeo

 

For the second month in a row, Rodeo Drive dominated the list of retail investment sales in Los Angeles County.

The famed Beverly Hills corridor saw one major sale in the top five during October. But the $96-million price tag at 457 N Rodeo Drive eclipsed all other sales during the month by at least ten-fold.

With it, the largest retail investment sales in Los Angeles County last month totaled more than $118 million.

In September, Rodeo Drive also set the pace after the trade of 468 N Rodeo Drive for $245 million. The two months were major upswings after the county saw top retail sales total $49 million in July and $85 million in June.

The data was compiled using information from PropertyShark.

1.  457-459 N. Rodeo Drive — Crown Equity | $96 million

Crown Equity, owned by Michael Shabani, paid for two storefronts in Beverly Hills for around $8,600 per square foot. The 11,600-square-foot property is currently leased to fashion houses Alexander McQueen and Brioni.

Records show Kathryn Lang with Lang & Lang Properties LLC was the seller. It’s unclear how much the Langs paid for the property, which has remained in the family since at least 2008.

2. 8800 Tampa Ave — Hillary Greene-Pae | $9.7 million

Michael Weiss with 8800 Tampa Ave LLC sold a Petco in Northridge to Hillary Green-Pae with HGP Investments LLC and JJ Real Estate Investments LLC, records show.

In September, a 90,000 square-foot shopping center in Northridge sold for $16 million on an online auction, and Symphony Development announced plans to build a 128 unit project in the same neighborhood.

3. 9805 Mason Ave — Excel Hotel Group | $4.4 million

Excel Hotel and Chatsworth Hotel LP bought the property at 9805 Mason Avenue in Chatsworth from a joint-venture, which also includes Excel Hotel Group.

Earlier this year, Atlas Capital acquired an office complex in Chatsworth for $41 million, and TA Realty sold its renovated industrial property at at 9140 Lurline Avenue for $28.5 million.

4. 8111 Rosecrans Ave — Nick Park | $4.3 million

Nick Park, with entity 60 E 34th St. Corp., purchased the property at 8111 Rosecrans Avenue in Paramount near South L.A. from Brandon and Kimberly Hwang for more than $4 million, records show.

A few miles away, Yong Ahn, a Rancho Palos Verdes investor, purchased the Downey Gateway for $16.5 million earlier this year. In February, the 25,000-square-foot shopping center was 91 percent leased.

5. 357 N. La Brea Avenue — Sonia Rose Boyajian | $3.8 million

A seller listed as “139 S Vermont, a Partnership” traded the property at 357 N. La Brea Avenue in Los Angeles to Sonia Rose Boyajian for just shy of $4 million, records show.

Nearby, West Hollywood is moving forward with CIM’s mixed-use project that will add 85 hotel rooms and 4,000 square feet for restaurant space to the La Brea corridor.