BEVERLY HILLS, CA-Jones Lang LaSalle has closed the sale of 9533 Brighton Way, which is fully leased to Giorgio Armani.

The 18,205-square-foot retail and office building is located between Rodeo Drive and Camden Drive and is one of the largest storefronts in Beverly Hills, spanning more than a half-city block. Originally built in 1930, the building was renovated in 1991 and 2001.

The building was sold by GLL Real Estate Partners, a Munich, Germany-based real estate funds management group, to Jenel Management Corp., a private real estate investment and management organization based in New York City that owns and manages 70 properties totaling over three million square feet.

JLL managing director Michael Zietsman and VP Patrick Inglis led the transaction. The sale price was not disclosed, but other area brokers say the building sold for $40 million and was financed.

Inglis tells GlobeSt.com that Beverly Hills wasn't damaged too badly in the recent recession. “Beverly Hills is a market that's insulated from broader economic fluctuations because it is appealing to very affluent people.”

He adds that several other deals in the shopping area known as the Golden Triangle are “in play. But those who own property there are generally long-term holders, so it is a supply-constrained market.”

There has been no determination on the tenant that will occupy the retail portion of 9533 Brighton. “There are a number of options they're considering,” Inglis says.

Zietsman called the building “an outstanding opportunity” in a statement. “Further, the building possesses significant upside potential through increased rents to a level more in line with today's market rates,” he said. “It is also well positioned to return to multi-tenant occupancy, should Armani decide not to renew.”

As reported earlier in GlobeSt.com, the Beverly Hills street level retail climate is on the upswing after a down period.