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8/30/24
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One Cole Group closed on a very notable acquisition in Beverly Hills, paying $39.2 mil for the North Beverly Drive Retail Collection, comprised of two buildings totaling 11.1k sf in Beverly Hills. The deal works out to an impressive $3,524 per square foot.
Located at 350-354 and 408-410 North Beverly Dr, a few doors south of Santa Monica Blvd, the properties are 100% leased to Maje, ALC, Taschen, Nespresso and Alice & Olivia. Beverly Drive is recognized as a prominent high street location in the Golden Triangle, with its current tenant mix made up of the most sought-after brands expanding from locations such as Melrose Avenue and New York. The street is bustling with popular restaurants and destinations including Avra, Erewhon Market and the Maybourne Hotel.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Jay Luchs, Rob Hannan, Ken White, Laura Stumm and Michael Moll and Director Michael Kolcum represented the seller, DWS, in the transaction. Shannon points out that the transaction is another example of family office capital actively pursuing trophy investment opportunities to aggregate well-located assets like this Beverly Hills’ Golden Triangle retail acquisition.
“These kinds of properties rarely trade,” added Hannan. “Many properties throughout the 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.”
“Beverly Drive has become the most trafficked walking block in Beverly Hills located between Rodeo Drive and Canon Drive's restaurant row,” added Luchs. “Tenants such as Erewhon Market and various fashion brands have opened or recently signed leases on the street, making it one of LA's hottest shopping destinations.”
Surrounded by prestigious and highly sought-after residential neighborhoods, the 90210 zip code boasts an average single family home value of $5.4 mil. The area is also home to ultra-luxury shopping on the renowned Rodeo Drive, which features notable designer boutiques such as Saint Laurent, Celine, Hermes, Chanel, Cartier, Ferragamo, Gucci, Prada, Valentino, Dolce & Gabbana, Dior and Louis Vuitton.
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