Beverly Hills department store property is sold; luxury condos planned
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.
-- 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