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Carolwood flips Beverly Hills strip mall for 70% profit in five months
LLC linked to ad agency buys Olympic Boulevard property for $34.3M
Carolwood, a real estate investment firm run by Andrew Shanfeld and Adam Rubin, has flipped a strip mall in Beverly Hills for a 70 percent profit in less than six months.
The firm sold a 30,000-square-foot retail center at 8950 Olympic Boulevard for $34.25 million, according to property records filed with L.A. County. The deal came out to about $1,100 per square foot.
Rubin confirmed the deal, but declined to comment further.
Records show the buyer is BHPlaza, a limited liability company linked to Adam Carasso, the CEO of advertising agency AdSupply. No loan documents were recorded in connection with the acquisition.
In April, Carolwood bought the property for $20.1 million, records show, or roughly $660 a square foot.
Few deals across L.A. County have traded above $1,000 a square foot in the last couple of years. In 2022, Deka Group bought a Whole Foods in Santa Monica for $1,022 per square foot.
The retail property is notably within the boundaries of Beverly Hills, meaning the sale does not face the City of Los Angeles’ new transfer taxes. If the deal had been in L.A., Carolwood would have faced a tax bill of $1.88 million.
BHPlaza LLC was formed as an “investment property” business, according to a filing with the California Secretary of State. Carasso did not respond to a request for comment.