The Sterling Organization (Florida) purchased the 6,200-square-foot retail property at 456 North Rodeo Drive from Karl B. Schurz Trust in an off-market deal. The buyers had received an option to purchase the property included with a long-term ground lease signed in October 2017. Sterling recently opted to exercise their option to purchase the property for $65 million. Concurrently, a third party broker had reached out to LVMH Moët Hennessy Louis Vuitton to potentially lease the space after Juicy Couture’s departure. Instead, the luxury goods retailer made an offer to purchase the subject outright for $110 million or $17,742/SF.  LVMH has also recently purchased 420 North Rodeo Drive in July 2016 for $122 million, or $19,405 per square foot.

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