After it was acquired earlier this year, a 30,000 square foot retail property in Beverly Hills has sold again. This time, the property was sold for nearly $15 million more than when it previously traded. According to a report from The Real Deal, the property was sold by Carolwood LP, a real estate investment firm run by Andrew Shanfeld and Adam Rubin, to BHPlaza, LLC, an entity linked to Adam Carasso, who is the CEO of advertising agency AdSupply. The property sold for $34.25 million, or approximately $1,100 per square foot.
The shopping center, also referred to as Beverly Hills Plaza, is located at 8950 Olympic Blvd. and is home to a number of retailers, including La Provence, Hope for Paws, Olympic Nails, Mathnasium and various others.
Situated within Beverly Hills, the property is largely surrounded by other retail and dining amenities, with both Wilshire Boulevard and Rodeo Drive just a short commute from the property. The surrounding area is also home to a significant population with a mix of single family and multifamily housing near the shopping center.
The property last traded in April 2023, when Carolwood LP paid $20.1 million, or about $660 per square foot, for the Beverly Hills Plaza. At the time of that sale, the retail center was more than 70 percent occupied, according to The Registry’s previous reporting.
Carolwood LP is led by co-founders 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.
