Real estate investor Crown Equity is acquiring the 11,600-square-foot retail property at 457-459 N. Rodeo Drive in Beverly Hills, Calif., for about $100 million, The Real Deal reported, citing a source familiar with the deal.
Lang & Lang Properties is selling the two storefronts, the report added, citing deed records.
The deal, which is expected to close in October, translates to roughly $8,600 per square foot. The property is leased to fashion labels Alexander McQueen and Brioni.
Cushman & Wakefield represented Crown Equity in the transaction, the Sept. 6 report added.