Brentwood retail complex fetches $2,000 psf
Fields Holdings buys complex from Weiss Development
A retail center in Brentwood has sold for around $2,030 per square foot — well above the priciest deal of 2021 by that measure.
Fields Holdings bought a 14,789-square-foot shopping center at 11672 San Vicente Boulevard for $30 million, according to Newmark, which brokered the deal. Beverly Hills-based Mitchell Weiss of Weiss Development sold the property.
Fields Holdings is a limited liability company linked to Eran Fields — a principal at local developer ICON Company, state records show. Fields did not respond to a request for comment.
Weiss Development assembled parcels for the retail center between 2004 and 2006, records show.
The property is currently leased to national chains Chipotle and Coffee Bean & Tea Leaf, as well as a salon, a beauty retailer and a juice shop.
The deal was substantially higher in terms of price per square foot than any of the top ten most expensive retail sales last year. In Santa Monica, German investment firm Deka Immobilien bought the 53,000-square-foot upscale grocery store for $54 million — or around $1,022 per square foot.
Though Brentwood is known for affluence, its retail prices don’t approach the level of Rodeo Drive in nearby Beverly Hills.
The deal for the Brentwood center was well under 2020’s record $10,495 per square foot that Crown Equity and Ascendant Capital Partners got from a European investor who paid $122 million for a 11,625-square-foot complex on Rodeo Drive.