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Rodeo Drive Property Sells Twice in 24 Hours, Purchase Price Doubles to $110M
Palm Beach, FL-based Sterling Organization closed the $110-million sale of a 7,634-square-foot parcel at 456 N. Rodeo Drive in Beverly Hills, CA. The Rodeo Drive property includes a 6,200-square-foot building, and is located in the heart of the “Golden Triangle.”
The property was acquired by a subsidiary of Paris-based LVMH. The sale came only one day after Sterling bought the property from The Karl B. Schurz Trust for $55 million. Sterling’s control and subsequent acquisition of the property resulted from a highly structured, off-market ground-lease transaction.
Sterling’s Brian Kosoy says, “On the West Coast, it’s all about those three, high-value blocks of Rodeo Drive where the world’s premier luxury brands must have a presence by planting their flag. As a result, when a circumstance presents itself to acquire a Rodeo Drive property, you aggressively pursue it, regardless of the complications involved in getting a deal done.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




