It’s not only residential real estate prices that are climbing in West Hollywood. The LA Business Journal reports that the Tommy Hilfiger store on the southwest corner of Robertson and Beverly boulevards, recently sold for a record $2,815 a square foot. The store opened in 2013.
The 11,000-square-foot retail space was purchased by real estate investor Jerry Illoulian for $31 million from Diana Katsenes. According to the Business Journal retail space in West Hollywood has averaged $1,200 a square foot. Real estate experts attributed the high price in part to the desirability of property in the West Hollywood Design District, where the Hilfiger store is located. That area is home to dozens of high-end fashion and design firms and salons and restaurants. Ted Stafford, president of Stafford Commercial Real Estate of West Hollywood, represented the seller; Aaron Abrams and Chris Spirito of the same firm represented the buyer.