In a move that centers Ashkenazy Acquisition Corp. in the height of luxury retail, the real estate investment firm acquired the Neiman Marcus site in the Beverly Hills Golden Triangle, which spans two city blocks.
Facilitated by Newmark, the deal closed in just seven days with Saks Global as the seller.
With this purchase, Ashkenazy now holds a 350,000-square-foot portfolio in the area, which also includes the former Barneys building along with a few other holdings.
While the purchase price was not disclosed, the press release noted “recent comparable sales” including the $220 million sale of the Wilshire Rodeo Plaza and the $100 million sale of an 80,000-square-foot building in the area, which is now the new headquarters of Alo.
“This strategic acquisition significantly expands Ashkenazy’s presence in Beverly Hills and reinforces the firm’s focus on irreplaceable, best-in-class retail assets located in globally recognized luxury corridors,” the release stated.
As transactions in the area have been picking up and new developments take shape such as the largescale One Beverly Hills mixed-use project, retail vacancy remains shaky in the area. Data from CoStar reveals vacancy for Beverly Hills retail is 8%, up from 7% a year prior. Overall, L.A. County has a 6.3% retail vacancy rate, according to CBRE’s third quarter research.
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