By Dennis Kaiser
The recent $3.9-million sale of a 3,727-square-foot retail property in Beverly Hills ushers in a new entrant in Los Angeles’ auto-centric culture that car guys among the CRE crowd will appreciate. The high-profile site at 207-209 S. Robertson Blvd. is where the legendary Italian ultra-luxury supercar maker Pagani plans to park its first LA showroom.
Pagani of Beverly Hills will take over a property previously used for automotive sales, and, after a “frame-up” restoration, the space will showcase high-end vehicles that go for upwards of $2.5 million.
Connect Media asked the broker involved in selling the property, Charles Dunn Company’s Justin Mendelson, to share what’s behind this deal that topped the $1,046 price-per-square-foot mark.
Q: Why is it important for ultra-lux cars to have a showroom like the one planned for Pagani of Beverly Hills?
A: It is important to have a showroom because these supercars are high value items and most of the time, considered investments. Prospective customers will want to touch, feel and test cars of this price point – which start in the seven-figures – before committing to the investment. No matter how wealthy these prospective buyers are, seven-figures is a lot of money, which is why the availability to go see the car is vital to Pagani and other supercars.
Q: How does this new store fit on this prime retail street?
A: There are multiple high-end and supercar dealerships/showrooms within a couple miles of the property including, but not limited to Lamborghini, Ferrari, McLaren, Maserati and Rolls Royce. Of course, Pagani fits within the same high profile car brands as the aforementioned, and will add to the immediate luxury car retail market.
Q: What is interesting about the new build-out of the space?
A: The property features 50 feet of frontage along Robertson Blvd. in one of the nation’s most affluent and top-performing areas for high-end retail. Pagani will spend approximately $500,000 on cosmetic work to the building to be in compliance with Pagani’s corporate look mandated from their headquarters in Italy.
For comments, questions or concerns, please contact Dennis Kaiser
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