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
Taiwanese investor buys Arcadia complex for $39M
Taiwanese investor buys Arcadia complex for $39M
Taiwanese investor buys Arcadia complex for $39M
Michael Shabani of Crown Equity and the West Hollywood property (Getty, Leclaireur Los Angeles)
Italian accent behind Shabani’s $15M sale on Robertson?
Italian accent behind Shabani’s $15M sale on Robertson?
CIM signs HBO as solo star at West Hollywood studio
CIM signs HBO as solo star at West Hollywood studio
CIM signs HBO as solo star at West Hollywood studio
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
The Standard (Getty)
Standard Hollywood on sales block
Standard Hollywood on sales block
Charles Co.'s Melrose Triangle project design at 9060 Santa Monica Boulevard (iStock, Melrose Triangle)
Charles Co. wants to doubles office space at Melrose Triangle project
Charles Co. wants to doubles office space at Melrose Triangle project
Faring slashes hotel rooms, boosts office space to Robertson Lane project
Faring slashes hotel rooms, boosts office space to Robertson Lane project
Faring slashes hotel rooms, boosts office space to Robertson Lane project
The Witkoff Group CEO Steve Witkoff and The West Hollywood Edition
Witkoff gets $228M refi for West Hollywood Edition hotel
Witkoff gets $228M refi for West Hollywood Edition hotel
arrow_forward_ios

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

Loading...