The retail property located at 456 N. Rodeo Dr. in Los Angeles has been sold in a transaction on March 29, 2018. The property, situated in the prominent Rodeo Drive market, was sold for a price of $110,000,000.

Summary of transation details

• Property Type: Retail
• Transaction Amount: $110,000,000
• Address: 456 N. Rodeo Dr., Los Angeles
• Market: Rodeo Drive

The seller of the property was Sterling Organization, represented by Brian D. Kosoy. They acquired the building from The Karl B. Schurz Trust and managed to turn a $55 million profit for themselves and their institutional investor partners in the Sterling Value Add Partners II fund the very next day. The buyer of the property was LVMH, with Bernard Arnault as its representative. LVMH is a renowned luxury goods conglomerate, and Bernard Arnault, the CEO of LVMH, is widely recognized as the richest person in fashion and the fourth richest person in the world. With a staggering net worth of $70.7 billion, Arnault oversees 70 luxury brands under the LVMH umbrella, including Louis Vuitton, Givenchy, Céline, and Dior.