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Beverly Hills Mixed-Use Property Goes for Over $1,200/sf

10/27/20

A 29.7k sf, mixed-use property in Beverly Hills has sold for $36.15 mil, or about $1,216/sf. Located at 139 South Beverly Dr, just south of Wilshire Blvd, the three-story building includes a rare surface parking area.

The property includes prime high-street retail space on the ground floor with two floors of office space above it. The majority of the office component is comprised of short-term leases.

Kevin Shannon, Rob Hannan, Ken White, Laura Stumm and Michael Moll with Newmark represented the seller, Sakioka Farms, who owned the building for over 70 years. Sean Fulp and Jay Luchs with Newmark’s Private Capital group assisted in the sale. The buyer, Hakim Family, led by Sam Hakim, was self-represented.

Hannan added, “The Beverly Hills Golden Triangle is on the short list for best zip codes in the world. It’s hard to acquire premier fee-simple assets like this because owners don’t sell very often, with many assets held generationally. 139 South Beverly hadn’t traded in more than 70 years.”

Situated in the heart of Beverly Hills Golden Triangle, the submarket presents strong fundamentals. In the third quarter, the vacancy rate for office space in the Golden Triangle was 9.4% with market rents averaging more than $6.29 per square foot, according to NKF Research. The Triangle’s retail rents are averaging $12.02 per-square-foot with a retail vacancy rate of 2.1%.





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