Newmark announces a mixed-use property in Beverly Hills, CA has sold for $36.15 million, approximately $1,216 per square foot. Located at 139 South Beverly Drive, the three-story building totals 29,735 rentable square feet and includes a rare surface parking area.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White, and Senior Managing Directors Laura Stumm and Michael Moll represented the seller, Sakioka Farms, who owned the building for over 70 years. Newmark’s Private Capital group, led by Sean Fulp, also assisted in the sale as did Newmark retail expert, Jay Luchs. The buyer, Hakim Family, led by Sam Hakim, was self-represented.
“This is yet another example of private capital with a long-term horizon, buying an extremely well-located asset, despite the current uncertainty,” commented Shannon.
Hannan added, “The Beverly Hills Golden Triangle is on the short list for best zip codes in the world. It’s hard to acquire premier fee-simple assets like this because owners don’t sell very often, with many assets held generationally. 139 South Beverly hadn’t traded in more than 70 years.”
The property includes prime high-street retail space on the ground floor with two floors of office space above it. The majority of the office component is comprised of short-term leases.
Situated in the heart of Beverly Hills Golden Triangle, the submarket presents strong fundamentals. In the third quarter, the vacancy rate for office space in the Golden Triangle was 9.4 percent with market rents averaging more than $6.29 per square foot, according to NKF Research. The Triangle’s retail rents are averaging $12.02 per-square-foot with a retail vacancy rate of 2.1 percent.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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