LVMH Acquires Retail Property In Beverly Hills For $30M From Seller Bernard Arnault
SOLD
$30,000,000
California
See Similar DealsRetail6,000 SF
Sold 07/08/2020
SOLD
LVMH Acquires Retail Property In Beverly Hills For $30M From Seller Bernard Arnault
449 N Beverly Dr, Beverly Hills, CA 90210, USA
See Similar DealsRetail6,000 SF
Sold 07/08/2020
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$5,000
Total Square Footage:6,000 SF
Transaction Type:Sale
LVMH, represented by Bernard Arnault, has acquired a retail property at 449-453 N. Beverly Drive in Beverly Hills for a price of $30,000,000. The property spans 6,000 square feet, resulting in a price per square foot of $5,000.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $30,000,000
- Address: 449-453 N. Beverly Drive, Beverly Hills
- Market: Beverly Hills
- Buyer: LVMH – Bernard Arnault
- Square Footage: 6,000
- Price per Square Foot: $5,000
This acquisition is adjacent to two lots that LVMH purchased for $355 million in 2018. The company has plans to develop a 115-unit hotel on the adjacent lots.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,600,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66
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