Carolwood LP Acquires Beverly Hills Plaza For $20.1M
8950 W Olympic Blvd Beverly Hills, CA 90211, USA
$20,100,000
$670/SF
Building Size
30,000 SF
Asset Type
Retail
Closing
May 18, 2023
AI
Beverly Hills Plaza, a renowned strip mall located at 8950 West Olympic Boulevard in Beverly Hills, has been sold for $20.1 million in a recent transaction. The asset type of this property is retail, with a total area of 30,000 square feet. The price per square foot for this sale is approximately $670, indicating a substantial value for the property.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $20,100,000
- Address: 8950 West Olympic Boulevard
- Market: Beverly Hills
The buyer of Beverly Hills Plaza is Carolwood LP, represented by Adam Rubin and Andrew Shanfeld. As a private equity firm, Carolwood LP saw potential in the strip mall and decided to acquire it for their investment portfolio. With the purchase, the new owner plans to bring their own restaurants to the mall, taking advantage of the restaurant industry's appeal in attracting customers to strip malls. This strategic move aims to enhance the overall performance and profitability of the property in the future.
Players
Los Angeles Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93