November 13, 2019 — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm completed the sale of a high-identity Robertson Boulevard location in Beverly Hills, an area that is home to unique shops, popular boutiques, high-end labels and trendy restaurants. The sale price was $8 million, representing $920 per square feet.
Hanley Investment Group Executive Vice President Carlos Lopez and Vice President Lee Csenar, along with President Ed Hanley, represented the seller, a family trust based in Long Beach, and the buyer, GEK Construction, Inc. of Beverly Hills.
Built in 1951 and located at 301-311 North Robertson Blvd., the 8,745-square-foot multi-tenant retail property sits on 0.29 acres at the intersection of Robertson Blvd. and Dayton Way/Colgate Ave. With over 120 feet of frontage along Robertson Blvd., tenants include Altman’s Surfaces, Hair by Violet, Art One Gallery and Beverly Hills U.S. Mail Boxes.
“We generated multiple, qualified all-cash offers within the first several weeks of marketing this property,” said Lopez. “We identified a local investor with multiple holdings on Robertson and Wilshire boulevards and achieved maximum value for the seller, a family trust.”
According to Csenar, “The buyer has the opportunity to lease-up, at market rent, the remaining 28% vacancy which is ideally situated in a 2,425-square-foot, cap-end space on a high-visibility corner in a coveted Beverly Hills address that is located less than one mile from the ‘Golden Triangle.’ The property is also near the future Metro station at Wilshire and La Cienega boulevards.”
The Golden Triangle is a several blocks-wide triangular-shaped-area in Beverly Hills, anchored by Rodeo Drive in the middle, one of the most prestigious retail addresses in the world, featuring luxury flagship stores that include Cartier, Fendi, Louis Vuitton, Ralph Lauren, Tom Ford and Valentino. The area has become one of the top tourist destinations in Southern California.
“This is a densely populated, highly affluent area of Southern California with 849,000 people within five miles of the property,” said Lopez. “Average household income is $193,000 and the average home sale price is $6.82 million.”
The property is also located one-third of a mile from top-ranked Cedars-Sinai Medical Center, one of the largest nonprofit academic medical centers in the U.S., with 886 licensed beds, 2,100 physicians, 2,800 nurses and thousands of other healthcare professionals and staff.
This announcement comes on the heels of Hanley Investment Group’s recent sale of a rare 2nd Street retail asset in the Belmont Shore neighborhood of Long Beach, California. The historic, two-story, 9,000-square-foot building sold for $5 million.
Hanley Investment Group is currently marketing another historic, high-street asset. According to Lopez, the Spanish Colonial Revival architecture-style building offers 14,500 square feet of office and retail at one of the most iconic intersections in Los Angeles. Situated at the signalized intersection of Colorado Blvd. and Fair Oaks Ave. in Old Pasadena, the ground floor retail consists of 9,619 square feet and is 100% leased to internet-proof restaurant tenants including Blue Bottle Coffee, Chef Tony, One Zo Boba, and Paradise Ice Cream. The building is located adjacent to a 901-space public parking garage offering 90 minutes of free parking, a rarity in this area, and only two blocks from the Metro Gold Line station. A popular tourist location, Old Pasadena attracts 15,000-20,000 weekend visitors and is ground zero along the Rose Parade Route. The property also benefits from the dense and affluent location with household income over $119,000 and 531,000 people in the trade area.