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Beverly Hills Banana Republic Bldg. Sells for $2,222 PSF

Investors Trade Golden Triangle Retail Property in 1031 Exchange
December 12, 2007
The Festival Retail Fund 1 357 N Beverly Dr LP of Los Angeles, CA-based Festival Cos. acquired 357 N. Beverly Drive in the Golden Triangle district of Beverly Hills for $30 million. Meyer Pacific Inc. sold the property for approximately $2,222 per square foot.

Banana Republic occupies 100% of the building, which is a two-story, 13,500-square-foot building built in 1931. This was the buyer’s upleg and the seller's downleg in two separate and distinct 1031 exchanges.

Tony Azzi, Orbell Ovaness and Bradley Baskin of Marcus & Millichap West Los Angeles represented both the buyer and seller.

Please refer to CoStar COMPS #1418531 for additional information.
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