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Report: Crown Equity to pay $100M for Beverly Hills, Calif., retail asset

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.