by Jodi Summers

Looking for your fantasy Beverly Hills mixed use development project? One of the most desirable pieces of real estate in the country —9900 Wilshire Blvd., is for sale again. Price in the mid-$300-million range for the 8-acre parcel.

“A truly rare circumstance in the highly regulated and supply-constrained city of Beverly Hills,” note the experts.

The site of the former Robinsons-May department store in Beverly Hills has been vacant for more than a decade and has changed hands a number of times. The current sellers, Hong Kong private equity firm Joint Treasure International, intended to complete an existing plan to build 235 condos on the site.

They had already navigated Beverly Hills’ arduous city planning process and were successful is getting approval on a mixed use complex design by Richard Meier, architect of the Getty Center.

“Upon transfer of ownership, the incoming buyer will leverage the value already created and be able to immediately commence construction — a truly rare circumstance in the highly regulated and supply-constrained city of Beverly Hills,” the selling brokers said in a statement.

The Meier plan includes 876 underground parking spaces and almost 21,000 square feet designated for office space, shops and restaurants.

The property at 9900 Wilshire Blvd. is, “one of the most desirable pieces of real estate in the country,” the L.A. Times writes. The paper notes that the property, located along Merv Griffin way, “has seen multiple owners who have so far been unable to bring a condominium complex designed by a famous architect to life.”

In 2010, Hong Kong private equity firm Joint Treasure International bought the parcel for $148 million. In 2007 the parcel sold for $500 million in one of the largest transactions in the history of Los Angeles County. The company that purchased it subsequently went bankrupt, which is how Joint Treasure International acquired the property.

Will you be the next owner developer for 9900 Wilshire?

For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

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http://www.loopnet.com/xnet/mainsite/news/News.aspx?DocID=85599&Region=losangeles&intcpt=false&sourcecode=1lne0t006N20140424LN&linkcode=&utm_source=loopnet&utm_medium=emailmarketing&utm_campaign=LoopNews

http://www.socalofficerealestateblog.com/?p=2574

https://farm8.staticflickr.com/7010/6518136867_e8767d84dd_z.jpg

http://www.socalmultiunitrealestateblog.com/?p=2707

http://www.latimes.com/business/la-fi-property-report-20140424-story.html

http://www.socalgreenrealestateblog.com/?p=3407

http://www.e-architect.co.uk/images/jpgs/los_angeles/beverly_hills_candyandcandy030807_4.jpg

http://lovesiliconbeach.wordpress.com/2014/06/20/location-locat…availableagain/

http://www.lovesiliconbeach.com/wp-content/uploads/2014/06/ae0ac-screenshot2010-10-08at6-30-39am.png

https://c2.staticflickr.com/8/7280/7534703596_d89b006d03_z.jpg

Join the conversation! 2 Comments

  1. There are more homes for sale in 2014, with inventory up 9 percent. Sellers are working harder to get their homes fixed up, so some of these places look pretty good.
    And you have a better chance of being able to buy one, with bidding wars down by double digits.
    More good news, prices have stopped going up so quickly. We predict prices to increase by just 6 percent in 2014, making it much easier for you to find a good deal on a home than when prices surged by 13 percent last year.
    And mortgage rates are at 4.1 percent, less than half the 30-year historical average of 8.7 percent; for a $500,000 house, this is worth more than $500 a month in mortgage payments.

    Reply
  2. Chinese Developer Buys Robinsons-May Site

    China’s largest commercial developer has purchased the former Robinsons-May site in Beverly Hills, one of the most prominent retail locations in the Los Angeles area.

    Beijing’s Wanda Group bought the high-profile site at 9900 Wilshire Boulevard for an undisclosed sum from a joint venture led by Hong Kong private equity firm Joint Treasure International.

    The Wanda Group said in a statement it beat 10 other bidders from Asia and North America in competition for the property. The group plans to spend $1.2 billion developing a mixed-use project on the parcel, which is near the intersection of Wilshire and Santa Monica boulevards.

    Wanda Group said the project will serve as its first major step into Hollywood and that it would set up a Los Angeles office to handle future entertainment sector investments. Two years ago, Wanda bought the AMC theater chain for $2.6 billion.

    The former Robinsons-May site, which has gone through a succession of owners in the nine years since the department store closed, including the British Candy brothers, who paid $500 million for the site in 2007. After their financial partner Kaupthing filed for bankruptcy protection, Candy & Candy defaulted on a $365 million bank loan and the property was put up for auction by creditor Banco Inbursa, run by Mexican billionaire Carlos Slim. In 2011 Joint Treasure International purchased the property from Banco Inbursa for $149 million.

    In 2008, the city of Beverly Hills approved plans for the site calling for two towers of 14-16 stories with 235 luxury condos and 16,400 square feet of ground floor retail and restaurants.

    Reply

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About Jodi Summers

Jodi Summers
SoCal Investment Real Estate Group
Sotheby’s International Realty
jodi@jodisummers.com

Sotheby’s International Realty’s legacy dates back to 1744. Respected as one of the world’s oldest and largest fine art auctioneers, Sotheby’s has a longstanding tradition of bringing together buyers and sellers of fine property. Today, Sotheby’s International Realty boasts nearly 13,000 sales associates, located in more than 660 offices in 49 countries and territories. Broker Jodi Summers is the founder of the SoCal Investment Real Estate Group, a top producing team with Sotheby’s International Realty in the Los Angeles area.

With more than $140,000,000 in listed inventory, Jodi and the SoCal Investment Real Estate Group know finance, rules, regulations, procedures and methods. We are accurate, knowledgeable, timely and aware of how government shapes the cities of Southern California, including Santa Monica, Venice, Culver City, West Hollywood, Beverly Hills and Los Angeles.

A New York native, Jodi grew up working in the family business – marketing, Madison Avenue style. Childhood math quiz questions calculated demographic and psychographic percentages or analyzed the allocation of adverting dollars. Word games were for devising slogans.

“My marketing and communication skills have proven to be a true gift when it comes to promoting real estate,” observes Jodi. “And I am consistently able to get an exceptionally high price per square foot for my sellers.”

Discipline (Jodi holds a Black Belt in Tae Kwon Do), organization, motivation, excellent communication skills and knowing & satisfying the needs of her clients have been her essentials for running a successful business. A passion for investment real estate explains her emphasis in asset-yielding properties.

The City of Santa Monica chose Jodi to be part of the prestigious 9-member Civic Working Group to analyze and offer feedback on the future of the 10.5-acre Santa Monica Civic Auditorium site. Additionally, Jodi is a member of the National Association of Realtors, Beverly Hills + Greater West Side Association of Realtors, Action Apartment Association of Westside income property owners, the Santa Monica Conservancy historic preservation society, the Friends of Sunset Park community group, the Real Estate Investors Club L.A., the American Solar Energy Society, Sierra Club, California Parks Association and the Culver City Rock & Mineral Club. She is currently the Communications Chair for the Ocean Park Association in Santa Monica, and a partner in Save the Civic – a community group involved with the City in the adaptive reuse of the Santa Monica Civic Auditorium and adjacent area.

An honors graduate from the Walter Cronkite School of Journalism at Arizona State University, Jodi moved to California in the mid-’90s to achieve her goal of living by the beach with a hibiscus bush in her yard.

She has thrived as an entrepreneur in the entertainment, media and marketing industries. She has three books in publication with Allworth Press – The Interactive Music Handbook, Making and Marketing Music and Moving Up In the Music Business. Making and Marketing Music is in second edition. Check out her work on Amazon.com.

Find out more about Jodi Summers through her social networks –
Linked In: http://www.linkedin.com/in/jodisummershere
Facebook: http://www.facebook.com/profile.php?id=1296490898
Flickr: http://www.flickr.com/photos/jodisummers/collections/
Twitter: http://twitter.com/jodisummers
About.Me: http://about.me/SoCalInvestmentRealEstateGroup
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Our websites + blogs + brands include:
www.SoCalInvestmentRealEstate.com
www.SantaMonicaLandmarks.com
www.SoCalIndustrialRealEstateBlog.com
www.SoCalOfficeRealEstateBlog.com
www.SoCalMultiUnitRealEstateBlog.com
www.SoCalGreenRealEstateBlog.com
www.SantaMonicaPropertyBlog.com

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Fresh Real Estate, Local, Uncategorized, WOW

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