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Beverly Hills BMW Dealership Property Sells for $70 Million

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Beverly Hills BMW Dealership Property Sells for $70 Million

BEVERLY HILLS (LA Business Journal) — A BMW dealership in Beverly Hills The Beverly Hills BMW property has sold for $70 million in a deal announced Aug. 19 by Matthews Real Estate Investment Services.

The roughly 339,000-square-foot dealership at 5070 and 5071 Wilshire Blvd. contains a 93,000-square-foot showroom and a 246,000-square-foot auto repair facility.

Sonic Automotive operates the dealership.

Matthews Real Estate Investment Services’ Bill Pedersen, David Harrington and Kyle Matthews represented the seller, a private family office, in the transaction. The buyer was also a private family office.

Pedersen said the four-acre site was a huge investment opportunity that received more than two dozen offers.“It took a unique buyer who was able to afford the record-setting pricing yet had capital that was patient enough to wait for the current lease to expire given there still is a material amount of term left on the lease,” he said in a statement.Part of Metro’s Purple Line […]

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Development

AIDS Healthcare Foundation Sells Hollywood Property to Hotel Developer

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AIDS Healthcare Foundation Sells Hollywood Property to Hotel Developer

HOLLYWOOD (Curbed LA) — The AIDS Healthcare Foundation, a local nonprofit that has often squared off against developers, has sold one of its Hollywood properties to a developer who plans to build a hotel on the site.

The developer, Jayesh Kumar, is seeking a handful of city approvals to erect a nine-story hotel on the site off Hollywood Boulevard and La Brea Avenue, including permission to build taller than the site’s zoning would normally allow.

Ironically, in the city’s 2017 election, AHF introduced a ballot measure called Measure S that was aimed directly at these kinds of projects.

The organization’s president has blamed tall buildings and luxury housing for gentrification and high […]

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Celeb Homes

Jeff Klein, John Goldwyn Buy $15 Million Beverly Hills Estate

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BEVERLY HILLS (MSN.com) — Prominent hotelier and restaurateur Jeff Klein — owner of the landmark Sunset Tower hotel and the clannish San Vicente Bungalows — is such a force about town that Robb Report has previously labeled him the “unofficial mayor of West Hollywood.”

So it’s hardly surprising that he and his husband, Tinseltown scion and producer John Goldwyn, have opted to significantly upgrade their residential circumstances with the $15.3 million purchase of an elegant, A-lister-worthy Beverly Hills estate befitting their vaunted status among L.A.’s chi-chi crowd.

Located on the best block of one of the best streets in the searingly trendy Flats neighborhood, the partially vine-encrusted 90210 manse was described as a “European villa” in marketing […]

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Philanthropist James Randall Buys WeHo Furniture Showroom for $36M

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Philanthropist James Randall pays $36M for WeHo furniture showroom
From left: Michael Shabani, James Randall, and 8840 Beverly Boulevard (Credit: Getty Images)

WEST HOLLYWOOD (The Real Deal) — Local real estate player Michael Shabani and a New York partner sold a renovated West Hollywood retail property for nearly twice what they paid three years ago.

The buyer was billionaire airplane rivet king-turned-philanthropist, James Randall, who fastened together a deal for the furniture showroom.

Randall, through his real estate company Randall Realty Group, paid $36.2 million for the property at 8840 Beverly Blvd., from a joint venture between Shabani’s Crown Equity and […]

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