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Saturday, March 31, 2018

Commercial Observer: Sterling Flips High-End Rodeo Drive Property in $110M Sale to LVMH

 

The Commercial Observer's Alison Stateman reports:

"Sterling Organization, a private equity firm based in Palm Beach, Fla., doubled its money on the sale of a 7,634-square-foot parcel at 456 N. Rodeo Drive in Beverly Hills. Sterling netted a cool $110 million for the property — which includes a 6,200-square-foot vacant single-story building and a 1,500-square-foot parking lot between Santa Monica Boulevard and Brighton Way — in the heart of the so-called “Golden Triangle,” one of the country’s most sought-after locations for luxury retail, according to an official release from Sterling. Last week’s sale came a mere day after Sterling closed its purchase of the property from The Karl B. Schurz Trust (Schurz Trust) for $55 million."

Click here to read the articline online at CommercialObserver.com.