BEVERLY HILLS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Hugo Boss department store, (top right photo) a Class A, 11,333-square foot net-leased property in Beverly Hills. The sales price of $28 million represents a cap rate of 4.7 percent and $2,471 per square foot, both records in the current market.
David Feldman, sales manager of the Atlanta office of Marcus & Millichap, represented the seller, Lladro Realty Inc., in this transaction. Additional representation was provided by Justin White, regional manager of the firm’s West Los Angeles office. Allied Golden LLC acquired the asset.
“This property is located on world-renowned Rodeo Drive in the heart of the Golden Triangle,” explains Feldman.
“Surrounded by other luxury retailers, the vacancy rate in this submarket remains extremely low.
"The sale indicates that investors are still interested in Class A assets occupied by strong credit tenants in prime locations. "Over the long-term, the new ownership will capitalize on this property’s irreplaceable location in one of the most sought-after retail markets in the world.”
Located at 414 N. Rodeo Drive, the three-story, Hugo Boss department store was constructed in 1996 and has secured underground parking.
Located at 414 N. Rodeo Drive, the three-story, Hugo Boss department store was constructed in 1996 and has secured underground parking.
In 2006, Hugo Boss invested more than $3 million in tenant improvements to the property.
The Hugo Boss store is surrounded by other high-end luxury retailers including Cartier (top left photo), Gucci, (bottom left photo) Ralph Lauren, Chanel, Luis Vuitton, Giorgio Armani, and Tiffany & Co., thus attracting some of the most affluent shoppers in the world to the submarket.
For several years, Hugo Boss has ranked among the global market leaders in superior fashions, and has been progressively extending this position, according to Feldman. Today the fashion company generates sales of approximately 1.6 billion EUR ($2.1 billion USD) with a workforce of more than 9,500.
Further indicators of the company’s strength are the high number (over 1,250) of Hugo Boss Stores operating worldwide. There are currently more than 1,250 stories spanning the globe.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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