Gabays asking $52M for trio of Beverly Hills retail properties

The developers Mark and Arman Gabay are listing a three-parcel retail portfolio in Beverly Hills for $52 million.

The storefront properties, dubbed Bedford Triangle, total 16,400 square feet and are clustered together at 369 N. Bedford Drive, 9677 Wilshire Boulevard and 9683 Wilshire Boulevard, according to a listing on LoopNet.

The brothers, who co-founded Charles Company, are listed as the property owners, county records show. They could not be reached for comment.

Property records show Charles Company acquired the buildings for $26 million in December 2017, and secured $13.5 million in financing from Farmers & Merchants Bank. The properties were built in the 1940s and ‘50s.

Charles Co. has been active in recent months, selling off a 247,000-square-foot office and industrial property in the San Gabriel Valley, and adding over 100,000 square feet to its plans to build a residential and retail development in West Hollywood.

In February, the brothers sued the City of Los Angeles, saying it contributed to California’s housing crisis by rejecting their plan for a 577-unit residential project in South L.A.

In May 2018, Arman Gabay was arrested on federal charges. He was accused of paying off an L.A. County employee for years in exchange for obtaining a $45 million county lease. Gabay’s trial is scheduled to begin in May 2022, court documents show. He has denied the allegations.