Real estate investment firm New Pacific Realty Corp. has purchased a Beverly Hills, Calif. office and retail property for $10.35 million – more than $1,016 per sq. ft. – and plans to move its headquarters into a portion of the space. The purchase price equates to a capitalization rate of 0.63%.
New Pacific Canon LLC acquired the high-profile property at 9399 Wilshire Blvd. and will convert the top floor into the new headquarters for its parent company, New Pacific Realty. The seller was Guy Price Inc., and both the buyer and seller are based in Beverly Hills.
Built in 1954, the two-story property covers 0.19 acres and was 95% occupied at the close of escrow. The first floor includes a retail tenant, Johnathon Arndt Gallery of Jewels. “This property offered the buyer an irreplaceable location at the edge of Beverly Hills’ Golden Triangle and the entrance to North Canon Drive,” says Dennis Herzig, vice president for Sperry Van Ness in Los Angeles and the broker who represented both parties in the deal. “Because of its high visibility, this will become a signature building for Beverly Hills.”
The property is two doors down from Wolfgang Puck’s Spago restaurant and one-half block from the new five-star Montage Hotel which is now under construction and scheduled to open next fall.