A retail asset on the 300 block of North Rodeo Drive has sold for a record price tag. Located at 360 North Rodeo Drive, the property is home to Rolex, Patek Philippe, Ferrari and a former boutique hotel. The Harkham Family sold the property for $200 million, according to industry sources.

JLL senior managing director Marc Schillinger and EVP Houman Mahboubi represented the seller in the deal, while Jay Luchs of Newmark represented the buyer. The sale generated significant buyer demand from a global pool of qualified buyers, resulting in the record pricing.

According to the brokers, the transaction is also indicative of the continued status of Rodeo Drive as a top retail destination. According to Mahboubi, rents on the iconic street are expected to reach $1,200 per foot by 2025. The activity is attracting investors when properties are available for sale—a rare occasion. In one example earlier this year, George Chamoun acquired a nearly 5,000-square-foot storefront in the Beverly Hills Golden Triangle for $8.2 million. Chamoun is an owner-occupier and plans to house his jewelry business in the store. JLL's Houman Mahboubi and Klein represented Chamoun and the seller, Ascot Chang USA, in the deal.