8-Acre Beverly Hills property sells for $500 Million. $1,438.80 per SF!
Don’t let people tell you the commercial market’s bad.
From the L.A. Times:
British developers paid $500 million Tuesday for the once-grand Robinsons-May department store in one of the priciest property sales ever in Southern California.
Not only is the sale big, it is a huge jump in value from the $33.5 million that the seller, Beverly Hills-based New Pacific Realty, paid for the eight-acre site three years ago. New Pacific was planning to spend $500 million to redevelop the site.
A graphic layout after the jump.
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About Will Hicks
Will Hicks is an affiliate real estate broker licensed in the State of Tennessee. Prior to his career transition into real estate, Hicks was a SCUBA Instructor with the International ALERT Academy of Big Sandy, Texas and the National Academy of Police Diving, based in Miami, Florida.
Hicks says he’s been asked many times about the odd transition from SCUBA Instructor to Real Estate Agent. “Teaching people how to SCUBA dive was the most fun 10 years of my life. But you can’t eat fun.” You can’t pay the rent with it either.
You can reach Will Hicks in Memphis at (901) 758-5670 or (901) 828-9200 or on Twitter at TheWillHicks.
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