The Tape
8950 W Olympic BlvdSold

Can Someone Explain This Deal?

A Beverly Hills retail center sold for $20.1M, $34.1M just five months later, and then $25.75M less than three years after that.  I can't figure out what happened.

By David SafaiFollow

At a glance

Sale Price
$25.75M

closed Jun 1, 2026

Price / SF
$857/SF

on 30,056 gross SF

Price / Land SF
$843/SF

on 30,556 lot SF

Building Size
30,056 SF

2 stories · 1988 build

Lot Size
30,556 SF · 0.7 ac

C-3 zoning · 0.98 FAR

Vacancy at Sale
77.1%

subject property

Loan Amount
$19.3M

First Citizens Bank & Trust · 75% LTV

ULA Tax Estimate
$1.416M

above ULA threshold

Prior Sale (Sep 2023)
$34.125M

Ad Supply → Carasso · $1,135/SF

Hold Period
33 months

$8.375M loss on paper

What matters

  1. Owner-Users are becoming serious buyers.  Schools, medical groups, nonprofits and other owner users are becoming some of the strongest buyers in today's market.  I was fortunate to sell my Westwood development which no longer penciled as a multifamily project - to an owner user.  Just a reminder that many properties could have more value to an owner vs an investor. 
  2. The $14M question.  How did this property increase in value by over $14 million in just five months? If you know the story behind the April and September 2023 transactions, I'd love to hear it.
  3. The $34M Bet.  Someone underwrote this property at $34.125M in 2023. Thirty-three months later, the market valued it at $25.75M. I'd love to know what assumptions changed.
  4. Who is the Buyer?  Hillel Hebrew Academy in business since 1948 bought the building next door and it gives the school room to expand without relocating its campus.
8950 W Olympic Blvd photo
FIG. 00, 8950 W Olympic Blvd, Beverly Hills, CA 90211. Image via Google Street View.

From $20.1M to $34.12M to $25.75M

The Transaction History

DateBuyerSellerPrice$/SFNote
Apr 2023L&R Group of CompaniesWeiss Development$20.1M$669/SFInvestment sale
Sep 2023Ad SupplyL&R Group of Companies$34.125M$1,135/SFInvestment sale, 5 months later
Jun 2026Hillel Hebrew AcademyAdam Carasso (Bhplaza LLC)$25.75M$857/SFOwner-user, school expansion

The L&R-to-Ad Supply flip in five months, from $20.1M to $34.125M, is a 69.8% markup in one of the tighter institutional retail markets in LA. That is the number that deserves a hard look. 

What an Operator Sees

This is why I track every comp. I'm trying to collect sale prices, but more importantly I'm trying to figure out what buyers were thinking. Why did one guy pay $20.1M, another pay $34.1M five months later, and someone else buy it for $25.75M? That's the information that's actually valuable. In a market where transactions are down roughly 75%, I also want to know who's still buying, who's selling, and which brokers are getting these deals done.
Found these numbers useful?  Send it to someone who tracks this market.
Send OMs to David@AtlasBrief.La
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
Know one other LA owner who'd want this deal? Forward this — reply with their email and I'll add them.
Property and transaction data: CoStar Research.

Write to David Safai at David@AtlasBrief.La

Appeared in the Sept. 6, 2026 edition of The Tape.