Iconic retailer of fashion and fragrance, Chanel, purchased its 11.500-square-foot store at 400 N. Rodeo Drive in Beverly Hills for $152 million. That is a record for Southern California at $13,217 per square foot.

This purchase allows Chanel to enlarge and combine its two locations next door to each other on Rodeo. It previously purchased the other store location at 400 Rodeo Drive. Chanel now can create a larger footprint. The decision to purchase has more to do with investment and not any increase in retail sales of luxury goods. A larger footprint on Rodeo Drive increases the brands status, and helps with promotion and advertising.

The previous record for Southern California was set in 2013, again on Rodeo, with the purchase by Moet Hennessy Louis Vuitton of its 7,100 square foot building for $85 million at $11,971 per square foot. The only area pricier than Rodeo Drive in the United States is New York’s, “Fifth Avenue.”

Chanel, a privately held company, was founded by Coco Chanel and is currently held by the grandsons of her early business partner, Pierre Wertheimer. The brand includes products that include luxury clothes, handbags, watches, and its iconic fragrance. It was valued in 2015 by Forbes, at $6.8 billion.