The property, a two-story building that was 95% occupied at theclose of escrow, is at 9399 Wilshire Blvd. Herzig notes that thedeal closed at a cap rate of less than 1% and a price per sf of$1,016.
New Pacific, which early in 2007 sold an eight-acre multifamilysite at 9900 Wilshire Blvd. for $500 million, plans to use the topfloor of the 9399 Wilshire building as its new corporateheadquarters. The company plans to remodel the face of thebuilding, which is at the corner of North Canon Drive.
Built in 1954, the property houses retail tenant Johnathon ArndtGallery of Jewels, which occupies the first floor. Herzig calls thesite “an irreplaceable location—at the edge ofBeverly Hills’ Golden Triangle and the entrance to NorthCanon Drive.”
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