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Investor Pays $175 Mil for 3 Barneys Flagships

LOS ANGELES-Privately held Ashkenazy Acquisition Corp. lands Beverly Hills, Manhattan and Chicago buildings that house the upscale retailer. The group acquired the trio of buildings from Japanese retailer Isetan Co.

By David W. Myers | Updated on July 10, 2001

LOS ANGELES-A private investment group has paid $175 million for 420,000 sf of prime retail space in three buildings—-one in Beverly Hills, the others in New York and Chicago—-that house the upscale Barneys New York stores.

The group, Ashkenazy Acquisition Corp., acquired the trio of buildings from Japanese retailer Isetan Co. Isetan purchased the properties after Barneys filed for bankruptcy in 1996 and then leased the stores back.

The five-story Beverly Hills building stands at 9570 Wilshire Blvd, at the intersection of Wilshire and Camden Ave. As part of the deal, Ashkenazy will assume a ground lease on the 115,000-sf property.

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