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Chanel pays record price for retail space on Rodeo Drive
Chanel pays record price for retail space on Rodeo Drive
By James F. Peltz
james.peltz@latimes.com
@PeltzLATimes
December 9, 2015, 12:56 PM
French luxury retailer Chanel paid a record price for retail space on Rodeo Drive amid continued strong demand for properties along the swanky Beverly Hills corridor.
Chanel bought its 11,500-square-foot store at 400 N. Rodeo Drive, which it had been leasing, for about $152 million, or $13,217 per square foot, according to Elkins Kalt Weintraub Reuben Gartside, one of the law firms involved in the transaction.
That's a record high for the famous three-block Rodeo Drive area, which also includes such familiar luxury retailers as Louis Vuitton, Cartier, Gucci and Prada, said Scott Kalt, one of the law firm's founding partners.
The price reflects the economy's rebound from the severe recession a few years ago, a major influx of foreign money into the high-end retail market, store renovations along Rodeo Drive that are driving more sales and Chanel's specific goals for its Rodeo Drive presence.
By James F. Peltz
james.peltz@latimes.com
@PeltzLATimes
December 9, 2015, 12:56 PM
French luxury retailer Chanel paid a record price for retail space on Rodeo Drive amid continued strong demand for properties along the swanky Beverly Hills corridor.
Chanel bought its 11,500-square-foot store at 400 N. Rodeo Drive, which it had been leasing, for about $152 million, or $13,217 per square foot, according to Elkins Kalt Weintraub Reuben Gartside, one of the law firms involved in the transaction.
That's a record high for the famous three-block Rodeo Drive area, which also includes such familiar luxury retailers as Louis Vuitton, Cartier, Gucci and Prada, said Scott Kalt, one of the law firm's founding partners.
The price reflects the economy's rebound from the severe recession a few years ago, a major influx of foreign money into the high-end retail market, store renovations along Rodeo Drive that are driving more sales and Chanel's specific goals for its Rodeo Drive presence.
