Italian accent behind Shabani’s $15M sale on Robertson?
Buzz puts European fashion retailer in line for 6,000-sf property
Michael Shabani of Crown Equity has sold a 1963-built office and retail building on North Robertson Boulevard in West Hollywood for $15 million, The Real Deal has learned.
Sources told The Real Deal that an Italian retailer bought the property. Shabani declined to comment on the transaction.
The 6,000-square-foot building currently houses Leclaireur, an art gallery and furniture store. Once designated as a multi-family property, the space has options for retail and office uses.
The three-story building is located around the corner from celebrity restaurant hotspot Craig’s and down the street from high-end retailers including Maxfield and John Varvatos.
The deal comes to $2,500 per square foot.
Shabanis firm sold a number of West Hollywood and Beverly Hills properties before the pandemic, offloading a 11,600-square-foot property on Rodeo Drive it owned with Ascendant Capital Partners for $122 million — coming out to $10,500 per square foot.
He has also sold a Beverly Boulevard furniture showroom for $36 million.
The North Robertson Boulevard deal is one of the few retail buildings that have sold in West Hollywood and Beverly Hills since the start of the pandemic, which battered the high-end shopping districts.