A long-vacant prime lot on Wilshire Boulevard in Beverly Hills has sold for $130 million to an international partnership that plans to build upmarket condominiums on the site.
New York luxury real estate developer Shvo bought the block-long property at 9200 Wilshire Blvd. from New Pacific Realty Corp., which had secured city approval for construction of a residential and retail complex there.
With its location in the vaunted “Golden Triangle” of Beverly Hills, the lot, flanked by Maple and Palm drives, is widely regarded as one of the best sites in the region for high-end development.
Shvo bought the property in a joint venture with Turkish investor Bilgili Group and German institutional funds managed by Deutsche Finance, Shvo said Wednesday.
The purchase is the group’s third joint venture. Earlier this year, it bought the historic Art Deco-style Raleigh Hotel in Miami for $103 million. Last year, the group bought a portion of a building on Fifth Avenue in New York that it is converting into Mandarin Oriental Residences luxury condos.
In Beverly Hills, Shvo plans to follow through on the city-approved development, which calls for 54 residences in a seven-story structure designed by MVE + Partners.
Among its prominent features will be a glass-clad exterior, a rooftop swimming pool and shops and restaurants wrapping a central courtyard fronting Wilshire Boulevard.
“Our … residential concept will offer the highest quality of living and amenities,” said Chairman Michael Shvo in a statement.
A representative of the developer declined to comment on how much units might cost or when construction will begin.
Beverly Hills-based New Pacific, led by developers David Margulies and Arnold Rosenstein, bought the site for $16.5 million in 2010, according to real estate data provider CoStar.
Its sale is not the first time New Pacific has substantially profited from acquiring a prime local site and securing development approvals from the city.
In 2007, British developers paid New Pacific $500 million for the former site of a Robinsons-May department store at 9900 Wilshire Blvd. New Pacific had acquired the property three years earlier for $33.5 million and garnered city approval for a luxury condo and retail complex there.
That property passed through multiple owners until it was acquired for an undisclosed price last year by Cain International and Alagem Capital Group, the owners of the Beverly Hilton and Waldorf Astoria hotels next door.