One Beverly Hills, one of many Chinese investments in the Southland that went on the market this year, has found a new owner.
Chinese conglomerate Dalian Wanda Group Co. Ltd. sold the property, which is still under development with no construction started yet, to London-based Cain International and Beverly Hills-based Alagem Capital Group for $420 million, according to a report in The Wall Street Journal citing a source familiar with the matter. The deal is expected to close this month.
“You don’t often get opportunities to invest in one of the great markets in America,” Cain International Chief Executive Jonathan Goldstein said. “Beverly Hills stands head and shoulders above most markets.”
Early plans for One Beverly Hills – a residential and commercial site located at 9900 Wilshire Blvd. – called for 193 condos and a 134-room hotel.
Wanda put the building up for sale earlier this year after the Chinese government tightened regulations on overseas investments. Other Chinese investments that went on sale this year include projects from Greenland USA, part of Greenland Group, and many of Anbang Insurance Group Co. Ltd.’s high-profile hotels.
Cain International and Alagem Capital own the neighboring Waldorf Astoria Beverly Hills and Beverly Hilton. Alagem Capital is run by hotel mogul Beny Alagem, who had opposed One Beverly Hills project’s development on various grounds.
Goldstein said they would be “looking to see what synergies can be created between the projects.”
Goldstein said Alagem’s knowledge of the area and what he did with the Waldorf Astoria are what made him interested in working together on One Beverly Hills.
Dalian Wanda and Alagem Capital did not respond to request for comment.
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$41.4m For Santa Fe Trail Plaza
TA Realty has purchased the Santa Fe Trail Plaza shopping center in El Monte from Los Angeles-based Festival Cos. and Hutensky Capital Partners.
According to CoStar Group Inc., TA Realty paid $41.4 million for the 112,335-square-foot property, which houses a Superior Grocers, Starbucks and Ross Dress for Less store, among other tenants.
CBRE National Retail Partners-West represented the buyer and the seller. The team included CBRE Executive Vice President Philip Voorhees, Director Kirk Brummer and retail expert Sean Heitzler.
Santa Fee Trail Plaza was completed in 2016 and is located at 10601-10761 Valley Blvd. and 10714 King Court in El Monte.
Even as many major retailers have been exiting or downsizing their physical footprint in recent years, CBRE’s Brummer said many commercial locations can still fetch a great price.
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