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Beverly Hills department store property is sold; luxury condos planned

la-fi-wilshire

The site of a former department store in Beverly Hills considered one of the most desirable pieces of real estate in the country sold for $148.3 million last week to investors from Hong Kong and Singapore.

Joint Treasure International, a Hong Kong-based private equity firm, purchased the 8-acre parcel at the intersection of Wilshire and Santa Monica boulevards.

The firm intends to develop luxury condominiums on the site.

"This is an incomparable site that cannot be replicated," said Daniel Yiu, senior advisor to Joint Treasure, which specializes in global real estate.

The parcel had been sold in 2007 for $500 million.

Read the full story here.

-- Roger Vincent

Photo: The 8-acre parcel at 9900 Wilshire Blvd. is the former site of a Robinson-May department store. Credit: Allen J. Schaben / Los Angeles Times 

 
Comments () | Archives (6)

good luck getting that project approved anytime this century

It sold in '07 for 500 million. now sells for 148.3 million. Who is taking the loss ?Sure hope it isn't the U.S. Taxpayer.

That seems criminal to me , the wilshire -santa monica coridor is the most sought after local its like buying central park back in the 80s ! Some one broke the law in this deal that is way under value the city of los angeles has once again been robbed by crooks/ politicians and land developers!

Are these figures correct? It doesn't make sense.

Why have all the beautiful department stores disappeared? Bullocks Wilshire, I.Magnin, etc. used to be destinations for a wonderful shopping experience. Neiman and Nordstrom are nice but do not compare for graciousness or elegance.

The floors are amazing and the views are killer. I’m glad you like it and thanks for commenting!


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