Hanley Investment Brokers Beverly Hills Retail Sale
- Nov 06, 2019
GEK Construction Inc. has purchased an 8,745-square-foot retail property in Beverly Hills, Calif., from a Long Beach-based family trust. The asset traded for $8 million, which equates to $920 per square foot.
Hanley Investment Group Real Estate Advisors Executive Vice President Carlos Lopez, Vice President Lee Csenar and President Ed Hanley represented both parties in the transaction. The acquisition comes at the heels of the sale of a 9,000-square-foot retail property in Long Beach, Calif.
Located at 301-311 N. Robertson Blvd., the asset is less than a mile from the Golden Triangle—an area in Beverly Hills with the most prestigious retail addresses in the world—and close to the future Metro station at Wilshire and La Cienega boulevards. According to Csenar, the center has more than 120 feet of frontage and is situated in a dense residential area, with 849,000 people with an average household income is $193,000 living within a 5-mile radius.
Completed in 1951, the retail center had a 28 percent vacancy rate at the time of sale. The tenant roster includes companies such as Altman’s Surfaces, Hair by Violet, Art One Gallery and Beverly Hills U.S. Mail Boxes.
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