Underscoring the rapidly growing influence of Asian investments in the region, a Chinese investor group has sold one of the most desirable properties in the country to a development firm from China.
The $420-million deal clears the way for a long-planned luxury condominium and retail development on the former Robinsons-May department store site on Wilshire Boulevard in Beverly Hills.
The transaction — one of the largest in recent years — comes as Asian investors, mostly from China and Singapore, are buying existing buildings at an increasing pace and starting to do their own new large-scale development...
"This was an opportunity to develop a high-profile, entitled property located in one of the most recognizable cities in the world," said real estate broker Laurie Lustig-Bower of CBRE Group, which represented the sellers with brokerage Savills Studley.
City construction approvals were secured by a previous owner, and Joint Treasure demolished the former Robinsons-May structure in July. The site is near the busy intersection of Wilshire and Santa Monica Boulevard across the street from the Los Angeles Country Club.
Next door is the landmark Beverly Hilton Hotel. The hotel's owner is working on adding a Waldorf Astoria hotel to his property that would open in 2017.
The Robinsons-May site generated about 20 offers from domestic, Middle Eastern and Asian bidders, broker Robert Stamm of Savills Studley said.Chinese developer's $420-million purchase of Robinsons-May site closes
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