I
n a recent transaction, One Cole Group acquired two retail structures situated within Beverly Hills' renowned Golden Triangle for a total of $39.2 million. The acquisition comprises a pair of buildings, each spanning a combined 11,100 square feet at 350-354 and 408-410 North Beverly Drive. The seller of these properties was Germany-based DWS.

    The deal was facilitated by a team of brokers from Newmark, led by Kevin Shannon, Jay Luchs, Rob Hannan, Ken White, Laura Stumm, Michael Moll, and Michael Kolcum. The purchase price translates to $3,532 per square foot, reflecting the high demand for such properties within this prestigious location.

    The buildings are currently leased to popular fashion brands Maje, ALC, and Alice + Olivia, as well as Nespresso and Taschen, a German-based bookstore. The North Beverly Drive retail corridor is a prime location, situated just a block away from Rodeo Drive and anchored by Avra, a high-end seafood restaurant, and Erewhon, a luxury grocery chain.

    In a separate transaction, Fashion Nova CEO Richard Saghian paid $118 million for a 175,000-square-foot building to serve as the company's new headquarters at 407 North Maple Drive. This deal translates to $675 per square foot, reflecting the high demand for commercial real estate within this area.

    In July, Justin Mateen, co-founder of the dating app Tinder, along with his brother Tyler and brother-in-law Pouya Abdi, purchased the Wilshire Rodeo Plaza at 9536 and 9560 Wilshire Boulevard and 131 Rodeo Drive for a total of $211 million or $804 per square foot. The family investors plan to nearly double the buildings' retail footprint to approximately 75,000 square feet and spend "in the low tens of millions" on renovations to modernize the Depression-era structures.

    These transactions highlight the strong demand for commercial real estate within the Beverly Hills area, with investors willing to pay premium prices for properties within this prestigious location.