Wanda Group is going all Beverly Hills 90210 with the purchase of a major commercial real estate parcel. Known as the largest commercial property developer in China, Wanda Group plans to develop a US$1.2 billion supercenter with offices, hotels and shopping at the 9900 Wilshire Boulevard location.

Like Us on Facebook

Situated at the fabled corner of Santa Monica Boulevard, formerly featuring a giant Robinson-May Department store, the 8-acre parcel is next to Golden Globes venue, and renowned center of glamor, the Beverly Hills Hilton. It's considered a major international trophy property.

Wanda paid almost US$150 million for the property. That was close to the US$148 million paid for the property in 2010 by former owners, Joint Treasure International, a private equity firm based at Hong Kong. Real estate experts who spoke to the Los Angeles Times last spring estimated the property was worth US$300 million.

Joint Treasure International intended to construct 235 condominiums along with 21,000-square feet of restaurants and shops. Richard Meier, the architect known for designing Getty Center, would provide designs for condos along with a nearly 900-car underground garage. It's not known if Wanda will follow up on any aspects of those plans.

Actually, the transaction illustrated some of the wide fluctuations in the U.S. real estate market this century. The property was bought by celebrity developers Nicholas and Christian Candy in 2007 for a record US$500 million. They lost it to foreclosure. World's richest man Carlos Slim acquired it and put it up for auction, won by Joint Treasure International.

As it rapidly expands holdings across the globe, Wanda made a US$2.6 billion purchase of AMC theater chain in 2012. Ownership said the Hollywood location next to the tony Los Angeles Country Club was an important entry into the Los Angeles market. The company wants to get involved in film production, among other industries.

The purchase makes a lot of economic sense for Wanda. The company already anchors many of its shopping centers worldwide with movie theaters. It just started building an entertainment center with film studio at Qingdao, eastern China and plans to host an important film festival there in 2017.

 Wanda will open an L.A. office to go along with a recently opened New York office. The company also has made recent, significant purchases in the Chicago market.

Tagswanda group, los angeles commercial property, Beverly HIlls