Newmark Completes $39.2 Million Retail Sale in Beverly Hills’ Golden Triangle

August 29, 2024 9:00 AM

Newmark[1] announces it has arranged the sale of the North Beverly Drive Retail Collection, comprised of two buildings totaling 11,124 square feet, and situated on the North Beverly Drive retail corridor in Beverly Hills, California. The asset sold for $39.2 million, or $3,524 per square foot.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Jay Luchs, Rob Hannan, Ken White, Laura Stumm and Michael Moll and Director Michael Kolcum represented the seller, DWS, in the transaction. The buyer was One Cole Group, based in Beverly Hills.

“This sale is another example of family office capital actively pursuing trophy investment opportunities to aggregate well-located assets like this Beverly Hills’ Golden Triangle retail acquisition,” commented Shannon.

“These kinds of properties rarely trade,” added Hannan. “Many properties throughout the Triangle have been owned by families for generations because of their timeless appeal and irreplaceable location, making Beverly Hills a highly sought-after but challenging market to access as an investor.”

Located at 350-354 and 408-410 North Beverly Drive, the properties are 100% leased to Maje, ALC, Taschen, Nespresso and Alice & Olivia. Beverly Drive is recognized as a prominent high street location in the Golden Triangle, with its current tenant mix made up of the most sought-after brands expanding from locations such as Melrose Avenue and New York. The street is bustling with popular restaurants and destinations including Avra, Erewhon Market and the Maybourne Hotel.

“Beverly Drive has become the most trafficked walking block in Beverly Hills located between Rodeo Drive and Canon Drive’s restaurant row,” added Luchs. “Tenants such as Erewhon Market and various fashion brands have opened or recently signed leases on the street, making it one of LA’s hottest shopping destinations.”

Surrounded by prestigious and highly sought-after residential neighborhoods, the 90210 zip code boasts an average single family home value of $5.4 million. The area is also home to ultra-luxury shopping on the renowned Rodeo Drive, which features notable designer boutiques such as Saint Laurent, Celine, Hermes, Chanel, Cartier, Ferragamo, Gucci, Prada, Valentino, Dolce & Gabbana, Dior and Louis Vuitton.

The sale of the North Beverly Drive Retail Collection is the fourth notable sale by Newmark in Beverly Hills in the last 36 months, following the $36.2 million sale of 139 S. Beverly Drive, the $74.4 million sale of 9033 Wilshire and the $82.0 million sale of 150 N. Robertson.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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