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Carolwood LP Acquires Beverly Hills Plaza For $20.1M

Property Image
SOLD
$20,100,000
Adam Rubin
Andrew Shanfeld

California

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Retail30,000 SF
Sold 05/18/2023
the dealplayerscompscontact
Property Image
SOLD

Carolwood LP Acquires Beverly Hills Plaza For $20.1M

8950 W Olympic Blvd Beverly Hills, CA 90211, USA

See Similar Deals
Retail30,000 SF
Sold 05/18/2023
Adam Rubin
Andrew Shanfeld
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$670
Total Square Footage:30,000 SF
Transaction Type:Sale

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

Adam Rubin
Adam Rubin
10 deals$647.6M volume
BUYER
Andrew Shanfeld
Andrew Shanfeld
7 deals$340M volume
BUYER
First Republic Bank
First Republic Bank
LENDER

Details

SOLD
IMAGE: Adam Rubin & Andrew Shanfeld DATE: 05/18/2023 ADDRESS: 8950 West Olympic Boulevard MARKET: Beverly Hills ASSET TYPE: Retail BUYER: Carolwood LP - Adam Rubin & Andrew Shanfeld LENDER: First Republic Bank SALE PRICE: $20,100,000 SF: 30,000 ~ PPSF: $670 NOTE: Beverly Hills Plaza, a renowned strip mall, has been sold for $20.1 million to private equity firm Carolwood LP. The new owner plans to potentially bring its own restaurants to the mall, capitalizing on the appeal of the restaurant industry in attracting customers to strip malls.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,072,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$71,411.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$95,284.25
Annual Debt Service$1,143,411.05