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Thursday, March 29, 2018

The Wall Street Journal: LVMH Pays High Price for Rodeo Drive Property


The Wall Street Journal's Esther Fung reports:

"A unit of LVMH Mo√ęt Hennessy Louis Vuitton paid $110 million, or around $17,750 a square foot, for a store on Los Angeles’s ritzy Rodeo Drive, in a sign that values of property in the country’s most fashionable shopping districts haven’t succumbed to the malaise hitting retail real estate.

The seller of the empty, 6,200-square-foot, single-story building at 456 N. Rodeo Dr. was Sterling Organization, a real-estate private-equity firm based in Palm Beach, Fla. Sterling had purchased the property recently for $55 million, according to president and chief executive Brian Kosoy."

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