A 13,500-square-foot Banana Republic flagship store in Beverly Hills, Calif., recently sold for $30 million, equal to $2,222 per square foot, a record-breaking price for retail space along the famous North Beverly Drive corridor.
Locally based Meyer Pacific sold the property to Festival Retail Fund 1 LP.
Located at 357 North Beverly Drive, the two-story building is situated on a 7,623-square-foot lot. Owned by San Francisco-based Gap Inc., Banana Republic sells men’s and women’s clothing and accessories.
