The KanAm Grund Group has purchased a fully-let office and retail building in the 9th arrondissement of Paris for an institutional investor. The Mogador property offers 9 levels on the Rue de Mogador and five levels on Rue de la Chaussée d’Antin. The two parts of the property, comprising around 3,750m², are interconnected and all areas benefit from access to the leafy inner courtyard, which also allows daylight to permeate all levels and areas. Two of the three retail units are located at Rue de la Chaussée d’Antin and one is at Rue du Mogador. The building, which was originally built in 1905, has a Bream In-Use sustainability certification, which has been renewed as recently as June 2019.
The Mogador building benefits from close proximity to Gare St. Lazare station and the Palais Garnier, home to the Paris opera, on the right bank of the River Seine. The department stores “Les Galleries Lafayette” and “Printemps” are also in the immediate vicinity.
The main use of the Mogador building, generating around 87% of its rental income, is office space. All office units are fully let. The three retail units account for the remaining 13% of the total income of the property. The purchase price was not disclosed.