Beverly Hills Plaza, a strip mall located at 8950 West Olympic Blvd. in Beverly Hills, has changed ownership for the first time since its establishment over 30 years ago. Carolwood LP, a private equity firm, acquired the 30,000 square foot mall from an entity affiliated with Weiss Development, the company responsible for its development. The transaction, valued at $20.1 million or $670 per square foot, was finalized last month, with Carolwood LP securing a $10.8 million loan from First Republic Bank to finance the purchase, according to public records.
Presently, the mall hosts dining and retail establishments such as La Provence, Chef Ming’s, Hope for Paws, Olympic Nails and others. At the time of the sale, the retail center was more than 70 percent occupied.
Situated within Beverly Hills, the property is largely surrounded by other retail and dining amenities. It is also home to a significant population with a mix of single family and multifamily housing near the shopping center.
The co-founders of Carolwood LP are Adam Rubin and Andrew Shanfeld. Shanfeld oversees acquisitions for Carolwood LP, which holds a diverse portfolio of commercial and residential properties in Miami Beach and New York City. Rubin, in addition to his role at Carolwood LP, serves as the president of L&R Group, a parking conglomerate operating as Joe’s Auto Parks in Los Angeles and Wally Park, a nationwide airport parking operator.
Carolwood LP did not share what plans, if any, they have for the retail center.
