November 14, 2016
Florida-based Sterling Organization acquired a retail building in Beverly Hills from a private investor partnership based in California and Texas for $23.5 million. The off-market deal was executed on behalf of its institutional fund, Sterling Value Add Partners II, LP.
The transaction equates to $5,000 per square foot for the 4,700-square-foot property located on .18 acres at 315-319 N. Beverly Drive. The Golden Triangle site, just off Rodeo Drive, is situated among trendy clothing outlets and cafés.
Built in 1940, the two-unit building is 70% leased to Peter Lik Gallery, a world-renowned fine art photographer.
Charles Dunn Company’s Justin Mendelson represented the buyer. Charles Dunn’s Darrell Levonian and Brian Jensen represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser