SoCal Banana Republic deal makes history

Buyer pays more than $2,200 a square foot

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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. ...