Charles Dunn Closes Beverly Hills Retail Sale

The 4,700-square-foot building located in the Golden Triangle shopping district was acquired by the Sterling Org.
315-319 North Beverly Drive
315-319 North Beverly Drive

By Ioana Neamt

Los AngelesCharles Dunn Co., one of the largest full-service regional real estate companies in the western U.S., recently completed the $23.5 million sale of a Beverly Hills retail asset. Florida-based Sterling Org. acquired the building for $5,000 per square foot, through its Sterling Value Add Partners II institutional fund.

Situated at 315-319 N. Beverly Drive, the 4,700-square-foot property was built in 1940 and is 70 percent leased to Peter Lik Gallery. The asset is conveniently located in Beverly Hills’ Golden Triangle shopping district, just one block east of the iconic Rodeo Drive, and is expected to be vacant in the first quarter of 2017.

Charles Dunn’s Justin Mendelson represented the buyer in the transaction, while Darrell Levonian and Brian Jensen, also with Charles Dunn Co., represented the seller—a private investor partnership based in Texas and California.

Image via Google Maps