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September 19, 2019
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SOUTHERN CALIFORNIA NEWS
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Beverly Hills Retail Building Sells for $5,000/sf

11/07/16

Sterling Organization has purchased a 4.7k sf retail building in Beverly Hillsí Golden Triangle shopping district, just one block east of Rodeo Drive. The property was purchased for $23.5 mil, or $5,000/sf, in an off-market transaction on behalf of the firmís institutional fund Sterling Value Add Partners II, LP (ďSVAP IIĒ).

Photo: © Google
Photo: © Google
The building is located at 315-319 N. Beverly Dr, between Brighton Way and Dayton Way. Built in 1940, the two-unit building is currently 70 percent leased to Peter Lik Gallery. It is expected to be vacant in the first quarter of 2017.

The Golden Triangle is one of the countryís most desirable High Street retail districts, and N. Beverly Drive is home to a number of upscale retailers such as Club Monaco, Intermix, Lucky, Alice + Olivia, Theory, All Saints, lululemon, COS, Sandro, Crate & Barrel, Pottery Barn, Williams-Sonoma, AG Jeans, Z Galleria and Nespresso.

Over 284,000 people live within a three-mile radius of the property, where the average household income is over $131k. Within a five-mile radius, the population exceeds 709,000 people and the average household income is over $116k. Beverly Hillsís Golden Triangle is also a major tourist destination within the greater Los Angeles area, which boasted over 45.5 million visitors in 2015.

Justin Mendelson of Charles Dunn Company represented the buyer. Darrell Levonian and Brian Jensen, also with Dunn, repped the seller, a private investor partnership based in California and Texas.

Sterling Organization, which is headquartered in Palm Beach, FL, can now count as part of its portfolio five assets in the western United States, four of which are in California. From coast to coast, Sterling Organization and its principals own almost 9 msf of primarily retail real estate exceeding $1.5 bil in value. The N. Beverly Drive property is the eleventh asset acquired through the firmís SVAP II private equity fund.





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