CBRE and Savills Studley announced today that Hong Kong Private Equity Real Estate firm Joint Treasure International has completed the sale of the 9900 Wilshire property, the former Robinsons-May department store, to the Wanda Group, China’s largest commercial property developer.
The site will be developed into a world-class luxury mixed-use project, predominantly featuring luxury residential condominium units.
Groundbreaking is planned for 2015.
Joint Treasure had acquired the property in 2010 as part of their prime reel astute investments in global gateway cities. They are actively investing in London, New York and Los Angeles. The property was
The Wanda Group operates in four major industries, including commercial properties, luxury hotels, culture and tourism and department stores. The company’s assets are said to total $62.8 billion, with an annual income of $30.8 billion.
The building had changed hands several times, but it comes with a set of plans created by Pritzker-prize winning architect, Richard Meier, the man who designed the Getty Museum. Demolition was completed this summer prior to the sale of the property.
The plan calls for two 14-16 story towers with 235 condominiums and ground floor retail space.
A press release states that,”Wanda is in the process of establishing a project office to manage the development.”
The buzz around Beverly Hills is that there are a lot of realtors who are anxious to have some luxury condominiums inside the City to sell to clients who are eager for condo properties…Beverly Hills News – Wanda Group Closes Escrow on 9900 Building
Related StoriesLos Angeles Office Sector Reports (Q2 2014)
Riding the Tech Wave on Silicon Beach