Chanel’s Rodeo Drive Sale Breaks SoCal’s PSF Transaction Record

Rodeo Drive has long since been an iconic destination for upper echelon shoppers and high-fashion designers. The transaction of 400 N. Rodeo Dr., currently occupied by Chanel, just sold for the highest per square foot price in Southern California’s retail history. For nearly $152 million, the 11,500 square feet of space traded hands for $13, 217 per square foot.

Attorney Ron Goldie and Elkins Kalt Weintraub Reuben Gartside LLP represented Rodeo-Brighton Limited Partnership in the sale. The transaction took 18 months to complete, and Mr. Goldie described it as “incredibly challenging.”

Chanel’s storefront surpassed the sales price record for California’s retail space previously held by the buildings at 319-323 N. Rodeo Drive. In 2013, Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton S.A., purchased the 7,100 square-feet of space for $11,971 PSF ($85 million total).