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SOUTHERN CALIFORNIA NEWS
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Chinese Developer Buys Former Robinsons-May Site in Beverly Hills

8/12/14

The former Robinsons-May site at the corner of Wilshire and Santa Monica Blvds in Beverly Hills has been sold again. The eight-acre site, the subject of more than one proposed mega residential and mixed-use projects over the past few years, has been purchased by Chinese developer Dalian Wanda Group.

Dalian Wanda, owner of the AMC theater chain and the largest commercial property developer in China, plans to move forward with a $1.2 bil mixed-use project. In China, Dalian Wanda has ownership stakes in the Qingdao Oriental Movie Metropolis and Qingdao International Film Festival projects, among other assets. The company also owns an upscale hotel in London and a high-rise in Madrid and is in the process of taking a majority stake in a planned hotel/res skyscraper along the Chicago River.

The 9900 Wilshire property was purchased from Joint Treasure International, a Hong Kong-based private equity firm. The site had previously been purchased by British-based Candy & Candy for a staggering $500 mil back in 2007, a few years after the Robinsons-May department store closed. After Candy & Candy defaulted on their $365 mil loan, it ended up in the hands of their lender, Mexico-based Banco Inbursa, who later sold it to Joint Treasure International for $149 mil.

The Robinsons-May store was just demolished last month, making way for new development. Although specifics of Dalian Wanda’s plans for the site have not yet been announced, the city of Beverly Hills approved plans for the site in 2008 that would include two residential towers with 235 very high-end condos and 16.4k sf of ground floor retail and restaurants.

In this latest sale, Tony Natsis and Crystal Lofing of Allen Matkins provided legal representation to Joint Treasure International. The buyer’s legal counsel was Charles Seaman and Phillip Babich of Reed Smith.






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