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California  + Los Angeles  + Retail  | 

Rodeo Drive Retail Building, Home to Luxury Brands, Sells for $96M

A prime retail asset in Beverly Hills, CA traded hands for $96 million. The 11,625-square-foot building is home to Italian menswear retailer Brioni and British luxury fashion house Alexander McQueen. The deal works out to $8,240-per-square-foot.

A joint venture, led by Michael Shabani of Crown Equity, Hakim Holdings, GWP Real Estate, and Mazal Enterprises, acquired the property at 457-459 N. Rodeo Dr. from Lang & Lang Properties, LLC. The property encompasses 7,150 square feet of ground floor space, with roughly 600 square feet on the mezzanine level, and another 3,875 square feet on the basement level. The property also features 50 feet of Rodeo Drive frontage.

Cushman & Wakefield’s Carine Mamann, Kazuko Morgan, and Stephen Algermissen represented the buyer.

Mamann says, “Rodeo Drive is one of the most prestigious streets in the world, and it is very rare that an investor has an opportunity to buy a building that is 100% leased to Kering brand luxury tenants.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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