The Beverly Boulevard building that houses Luminaire, the Miami-based furniture, and lighting store, has been sold for $36.2 million.
The sale was first reported by the Real Deal, the Los Angeles real estate news website. The 21,000-square-foot store is located at 8840 Beverly Blvd. at North Clark Street.
The Real Deal cites brokerage firm Cushman & Wakefield in stating that “leasing activity in West Hollywood’s Design District and Abbot Kinney Boulevard surpassed the Beverly Hills Golden Triangle in the first half of the year.”
It also says that commercial rents on Melrose Place, which is just outside the southern border of West Hollywood, are as high as $240 per square foot/per year.
The property was sold by Michael Shabani’s Crown Equity and Dune Real Estate Partners, who had acquired it three years ago for $20.9 million. It was purchased by James Randall, who made his fortune with an aerospace rivet manufacturing company known as Allfast Fastening Systems.
The Real Deal reports that Randall and his wife Eleanor have paid more than $46 million for a Bel Air mansion known as Liongate and have a $14 million second home in Big Sky, Montana.