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12/06/19
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A two‐story, 21.3k sf retail building in West Hollywood has traded hands in a $36.2 mil transaction, which works out to $1,702/sf. The fully renovated building is 100% leased to Luminaire, one of the hottest, most exclusive design retailers in the country, under a long‐term triple‐net lease.
The building is located at 8840 Beverly Blvd, on a high‐visibility corner in the coveted West Hollywood Design District. Situated in one of Los Angeles’ most renowned design, shopping, restaurant and entertainment districts, 8840 Beverly is surrounded by some of the most affluent residential and commercial communities in the entire country.
Originally constructed in 1958, the property was completely renovated in 2018 to the highest finish level seen in modern commercial projects, and includes high ceilings, frameless floor‐to‐ceiling glassline, exterior metal architectural details, skylights, upgraded structural systems, a sweeping internal stairwell, and premium surfaces and finishes throughout. Designed with an open, airy layout and abundance of natural light, the property has stunning street presence and visibility along this exclusive corridor.
Bearing the unique distinction of having the region’s densest concentration of retailers and exhibitions related to the world of premium fashion, design, home furnishings, art, and décor, the West Hollywood Design District is home to a distinct mix of global designer flagships, local boutiques, art galleries, interior design showrooms, and chic eateries, all concentrated in this walkable area, making it an unrivaled international destination for design‐savvy professionals and sophisticated shoppers alike. As a strong testament to the demand dynamics of this area, West Hollywood has consistently been one of the most stable and high‐performing submarkets throughout the entire region.
Bob Safai, Matt Case, and Brad Schlaak with Madison Partners brokered the transaction on behalf of the seller, Crown Equity, a Southern California‐based investment, development and management firm founded by veteran investor Michael Shabani.
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