LOS ANGELES—Jenel Management has purchased the 18,205-sq.-ft. retail and office building at 9533 Brighton Way. The property is fully leased to Giorgio Armani and was sold by GLL Real Estate Partners. Terms of the sale were not released.
“This offering provided an outstanding opportunity to purchase a prominent retail and office center located in a prime, high-end retail district,” said Michael Zietsman, managing director for Jones Lang LaSalle. “Further, the building possesses significant upside potential through increased rents to a level more in line with today’s market rates. It is also well positioned to return to multi-tenant occupancy, should Armani decide not to renew.”
Zietsman and colleague Vice President Patrick Inglis oversaw the transaction.
Built in 1930, the building was renovated in both 1991 and 2001. Situated between Rodea and Camden Drives, the storefront occupies more than half the city block, making it one of the largest in Beverly Hills.
“Beverly Hills is one of the most desirable retail markets in the world,” Inglis said. “Demand for ground-level retail space in the Golden Triangle far exceeds the limited space available.Combined with its prime location and value add opportunity, investor interest was quite strong for this rare asset.”