Done Deals: Aug 28, 2024

Wednesday, August 28, 2024

Fashion Nova Founder Richard Saghian buys 175,000 SF Beverly Hills, CA building from Tishman Speyer for $118 million

Richard Saghian
(Photo by Michael Allen Creative)

BEVERLY HillS, CA -- In an all-cash, off market deal, Richard Saghian, Founder & CEO of Fashion Nova, has purchased a 175,000 SF building from Tishman Speyer in the heart of Beverly Hills, CA for $118 million.

The building, sold to Fashion Nova. will be the new headquarters, dubbed 'Fashion Nova HQ,' and includes the following details:

The building was designed by the internationally renowned architectural firm of Gwathmey Siegel & Associates.

· This is Saghian’s third real estate purchase in the greater Los Angeles area within the last two years. He previously purchased The One in Bel Air, a 105,000- square-foot mansion listed as the largest home in the United States

New Fashion Nova HQ, 407 Maple Avenue
Beverly Hills, CA
(Photo by Michael Allen Creative)

The main design feature of the new building is a glass storefront rising to the second story which crowns the entryway. The glass cube has three 19.5 pivot doors, the maximum size available and the largest in Southern California.

Building has four floors. Top floors will be the Fashion Nova HQ with office space for 500 + corporate employees.

Three stories of underground parking will offer 480 parking spots. The building also features an atrium sky bridge, solarium and sweeping outdoor terraces

The new Fashion Nova HQ will debut two groundbreaking concepts: Nova Social Club, a private, by-invitation-only collaborative space for creators, influencers, celebrities, and VIP guests.

Plans for the dedicated inner sanctum include a fitness studio, wellness spa, content & podcast studios, screening room, meditation and yoga garden, cosmetic micro-treatment bar, organic culinary outpost, showroom and more.

In 2013, Saghian paid $126 million for
The One in Bel Air, a 105,000- SF
mansion then listed as the largest
home in the United States

The second concept, Nova Founders Lab, will be an incubator-accelerator for emerging brands, designers, creatives, and founders across fashion, marketing, and technology to become market ready in a true fashion-vertical setting.

· The Fashion Nova HQ is Energy Star-Labeled and Gold LEED-certified

· The next phase in global expansion for the brand includes plans for new offices in London, Hong Kong, Sydney, and New York

Contact:

Ashleigh Garcia
Account Coordinator

Miami I New York l Los Angeles

Address: 1666 Kennedy Causeway, Suite 703, Miami Beach, FL 33141

Phone: 305.864.3434 ext: 106

Web: www.taraink.com

JLL Capital Markets brokers both the $51 million sale and acquisition financing for Casas Adobes Plaza in Tucson, AZ

Casas Adobes Plaza, 7001-7139 North Oracle Road, Tucson, AZ

PHOENIX, AZ –  JLL Capital Markets has arranged the $51 million sale and acquisition financing of Casas Adobes Plaza, a Whole Foods-anchored shopping center in Tucson, Arizona.

Patrick Dempsey

JLL worked on behalf of the seller, First Washington Realty, to secure the buyer and facilitate the acquisition financing with a correspondent life insurance company.

The JLL Capital Markets Investment Advisory team was led by Managing Directors Patrick Dempsey and Geoff Tranchina.

The Debt Advisory team was spearheaded by Senior Managing Director Greg Brown and Senior Director Jason Carlos. Analyst Quin Madden supported both the sale and debt team.

Geoff Tranchina.

"Quality grocery-anchored retail centers continue to outperform other commercial asset classes and achieve best-in-class pricing," according to Dempsey.

Casas Adobes Plaza is located at 7001-7139 N Oracle Rd., at the intersection of Oracle and Ina Rd. This trophy asset serves the two most affluent communities in Tucson, the Catalina Foothills and Oro Valley. The high-end trade area has an average household income of over $122,240 in a one-mile radius.

Casas Adobes Plaza is surrounded by other well-performing retail submarkets, boasting an impressive $2.1 billion in annual consumer spending within a five-mile radius. Additionally, the center is a short drive away from the University of Arizona, which showcases a total enrolment of over 45,000 students.

Greg Brown

Rated the #1 grocery-anchored center in Tucson, Casas Adobes Plaza spans an impressive 92,330 square feet on 9.51 acres of land.

Originally built in 1953 and remodeled in 2014, the center showcases architectural craftsmanship that is rarely seen in modern developments. Its meticulous attention to architectural detail adds a touch of elegance and creates a unique experiential element for visitors, resulting in an impressive rate of consumer retention.

The center is currently 97% occupied, anchored by renowned grocery retail tenant, specializing in high-quality groceries and organic products. Other anchor tenants include a Starbucks, Pure Barre, Orange Theory and Chico’s.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.