Beverly Hills building sells for $1,430 per square foot

A two-story commercial building on a posh stretch of Canon Drive in the “Golden Triangle” district of Beverly Hills has been purchased by local investors for $10.85 million, or $1,430 per square foot.

The two-story building was completed in 1948 at 351 N. Canon Drive. It houses a Joseph Martin Hair & Beauty salon on the first floor and the offices of real estate firm Nelson Shelton & Associates upstairs.

The seller, the Hanes Family Trust, had owned the 7,585-square-foot building since 1974, said property broker Braemon M. Hanes of Hanes Investment Realty Inc.

The new owners are a Beverly Hills family who own several other commercial properties in the area, Hanes said.

The buyers were represented by broker David Passman of the Passman Group Inc.

Twitter: @rogervincent