One Cole Buys Retail Buildings in Beverly Hills for $39M

One Cole Group has bought two retail buildings in Beverly Hills’ Golden Triangle for $39.2 million.

The locally based investor led by David and Samuel Shaaya bought the storefront buildings with a combined 11,100 square feet at 350-354 and 408-410 North Beverly Drive, the Commercial Observer reported. The seller was Germany-based DWS.

The deal for the pair of buildings dubbed the North Beverly Drive Retail Collection works out to $3,532 per square foot.

Brokers Kevin Shannon, Jay Luchs, Rob Hannan, Ken White, Laura Stumm, Michael Moll and Michael Kolcum of Newmark represented the seller.

“These kinds of properties rarely trade,” Hannan said in a statement. “Many properties throughout [Beverly Hills’ Golden Triangle] have been owned by families for generations because of their timeless appeal and irreplaceable location, making Beverly Hills a highly sought-after, but challenging, market to access as an investor.”

The buildings are fully leased to fashion brands Maje, ALC and Alice + Olivia, as well as Nespresso and Taschen, a bookstore based in Germany.

The city’s Golden Triangle, among the most famous shopping areas in the nation, is anchored by Rodeo Drive, a block from Beverly Drive. The North Beverly Drive retail corridor also contains Avra, a high-end seafood restaurant and Erewhon, a luxury grocery chain.

Late last month, Fashion Nova CEO Richard Saghian paid $118 million for a 175,000-square-foot building to serve as a new headquarters at 407 North Maple Drive. The deal works out to $675 per square foot.

In July, Justin Mateen, co-founder of the dating app Tinder, as well as his brother Tyler and their brother-in-law Pouya Abdi, bought the Wilshire Rodeo Plaza at 9536 and 9560 Wilshire Boulevard and 131 Rodeo Drive for $211 million, or $804 per square foot.

The family investors said they plan to nearly double the buildings’ retail footprint to close to 75,000 square feet. They also aim to spend “in the low tens of millions” fixing up the Depression-era buildings.

— Dana Bartholomew