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LVMH buys Rodeo Drive property for $110M

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LVMH buys Rodeo Drive property for $110M

French luxury group LVMH Moët Hennessy Louis Vuitton SE has bought a storefront for $110 million, or nearly $17,750 per square foot on Los Angeles' ritzy Rodeo Drive from Palm Beach, Fla.-based private equity group Sterling Organization, The Wall Street Journal reported March 29.

The equity firm had recently acquired the property for $55 million in January, according to the report, citing Sterling President and CEO Brian Kosoy. Citing an unnamed source, the Journal reported that Sterling bought the property in January.

The 6,200-square-foot single-story building at 456 N. Rodeo Dr., is the group's third outpost on Rodeo Drive, the report added. LVMH already owns two other spots on the same street at 319-323 and 420, the Journal reported, citing data from Real Capital Analytics.

LVMH did not respond to the Journal's request for comment.