Crown Equity lists West Hollywood retail site for around $40M

The property is fully leased to design store Luminaire

Los Angeles /
Mar.March 18, 2019 03:00 PM
Michael Shabani and 8840 Beverly Boulevard (Credit: Getty Images)

Real estate investment firm Crown Equity is marketing a fully-leased retail property in West Hollywood, The Real Deal has learned.

The property at 8840 Beverly Boulevard is being listed in the range of $40 million or higher, broker Bob Safai of Madison Partners said. That would work out to at least $1,880 per square foot.

The 21,260-square-foot building was recently renovated building.

Design store Luminaire inked a 10-year lease for the entire space last August. It marked the first location on the West Coast for the Miami-based company, which also has a location in Chicago.

Michael Shabani runs Crown. Shabani, acting through an LLC, paid $20.8 million to acquire the site in March 2016, property records show.

The listing comes nearly six months after Crown spent $96 million, or roughly $8,240 per square foot, to acquire two storefronts on Rodeo Drive. The deal — which included an 11,625-square-foot property leased to fashion houses Brioni and Alexander McQueen — ranks among the highest trades on a per square foot basis in the Beverly Hills area.

Retail investment in West Hollywood has been on the upswing. Last week, Safco Capital Corp. closed a deal to acquire a 1.3-acre site, occupied by a Gelson’s Market, for $25 million. As part of the deal, Safco agreed to lease back to Gelson’s the 17,830-square-foot store at 8330 Santa Monica Boulevard.


Related Articles

arrow_forward_ios
Combined Properties Chairman Ronald Haft, AECOM Capital CEO Warren Wachsberger and Pendry West Hollywood
AECOM JV lands $500M loan on boutique hotel-condo
AECOM JV lands $500M loan on boutique hotel-condo
Cinerama Dome in Hollywood (Getty)
ArcLight Cinemas says it’s The End
ArcLight Cinemas says it’s The End
City Place Long Beach with Waterford’s John Drachman, Monument’s Benjamin Poirier and Turnbridge’s Michael Gazzano (RPALA Group, Linkedin)
Ownership trio takes over beleaguered shopping center in Long Beach
Ownership trio takes over beleaguered shopping center in Long Beach
Disneyland, Six Flags and other theme parks statewide will be able to reopen at limited capacity, as long as counties comply with updated Covid metrics. (Getty)
Fun for some: Theme park rules relaxed but restrictions remain
Fun for some: Theme park rules relaxed but restrictions remain
Charles Company's Arman and Mark Gabay with a rendering of Melrose Triangle project and a letter from project manager Jack Kurchian (Arman Gabay, Melrose Triangle)
Charles Co. dramatically upsizes office portion of WeHo mixed-use project
Charles Co. dramatically upsizes office portion of WeHo mixed-use project
Nile Niami and his West Hollywood property (Getty, iStock)
Checkmate in WeHo for LA’s megamansion king
Checkmate in WeHo for LA’s megamansion king
Gov. Gavin Newsom (Getty)
Statewide curfew means more bad news for restaurants, retailers
Statewide curfew means more bad news for restaurants, retailers
Macerich CEO Thomas O’Hern and Santa Monica Place mall
Here’s what tenants are paying at Macerich’s Santa Monica Place
Here’s what tenants are paying at Macerich’s Santa Monica Place
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...