News
Doubling Their Money
March 22, 2013
Your publisher snapped the new 17.5SF Apple store last week on Santa Monica's 3rd Street Promenade, because kudos are due to Bethesda's ASB Capitaland its CEORobert Bellinger for the extraordinarily successful development and sale of this building last summer. In 2010, ASB bought the previous30k SF Borders bookstore for $24M, found Apple, tore the building down, and built a new store to its specs, nearly three times the 6,000 feet into which customers were cramming a couple blocks away. Last summer, just two years later, ASB (and LA partner Blatteis & Schnur) sold it reportedly for $58Mto Nakash Holdings, the real estate arm of Jordache Jeans. That's about $3,300, or 283 pairs of jeans, per square foot.
