Chanel has reportedly paid a whopping $152 million for an 11,500-square-foot store located on Rodeo Drive, setting a new record for the Southern California region.
The Beverly Hills property is located at 400 North Rodeo Drive at the corner of Brighton Way and Rodeo Drive. Nearby neighbors include Cartier, David Yurman, Roberto Cavalli and Tory Burch.
The reported sellers were two families that had previously been leasing the property to Chanel. Neither the property owners nor Chanel executives could immediately be reached for comment on the reported deal.
The transaction, which equates to about $13,000 a square foot, indicates little abatement in property values of the famed street even as new retail hot spots emerge in the Los Angeles market.
IWC Schaffhausen opened a 2,366-square-foot flagship this month at 329 North Rodeo Drive, boasting more than 200 watches on display.