Rodeo Drive storefronts
After notching some of the biggest retail sales of 2018, Rodeo Drive has started off strongly in 2019.
Two storefronts along the coveted corridor, amounting to 28,114 square feet, were refinanced this month for $160 million – or $5,691 per square foot, The Real Deal has learned.
The deal for 338-346 N. Rodeo Drive includes a 10-year, fixed-rate loan from a group managed by an affiliate of Apollo Global Management, according to HFF, the brokerage that arranged and announced the deal.
The owner of 338 N. Rodeo Drive is ECA Capital Limited, run by Ronan McNamee, who owns Cuisine de France, the Irish fine-foods purveyor, according to public records in the U.S. and Ireland.
ECA Capital Limited purchased the property in 2007 for $81.5 million.
The storefronts are home to Tom Ford, Bally, and Balenciaga, which is currently building out its space.
Rodeo Drive has seen rising rents and asking prices, and is a leader in the national retail market.
The shopping corridor was home to the top retail investment sales of 2018 for Los Angeles County. LVMH’s $245M purchase of a double lot at 468 N. Rodeo Drive was the biggest sale by far, at $11,001-per-square foot.
Source: The Real Deal Los Angeles