Ben Ashkenazy sold his Beverly Connection mall to Cedars-Sinai for about $270 million, property and business records reveal. The deal comes out to around $790 per square foot.
Neither representatives for New York City-based Ashkenazy Acquisition nor Cedars-Sinai immediately responded to a request for comment.
The sale comes after Ashkenazy landed an extension on the $175 million debt connected to the 340,000-square-foot shopping center at 100 North La Cienega Boulevard. The debt had a new July 2026 maturity date. Prior reports indicated Ashkenazy Acquisition received a $210 million commercial mortgage-backed securities package that was stuck in special servicing for years.
Ashkenazy saw the value decline, too — an appraisal, per Morningstar Credit, put the mall’s value at $193 million in Dec 2024, compared to $260 million a decade earlier. But a spokesperson for the company, last summer, disputed that value and said: “the property has been recently appraised by a national firm on behalf of a lender well in excess of $300 million.”
The spokesperson said the Beverly Connection was “at occupancy levels in excess of 95 percent to all national tenants,” then.
Cedars-Sinai Medical Center is minutes away at 8700 Beverly Boulevard. Ashkenazy signed the deed dated-early March. Cedars-Sinai chief executive Peter Slavin is a managing member of the purchasing entity.
Ashkenazy recently made a Beverly Hills buy that made him one of the largest retail landlords in the city’s glitzy shopping district. Ashkenazy Acquisition purchased the two-block Neiman Marcus site in the luxe Golden Triangle, where Rodeo Drive is the centerpiece, for $50 million.
His holdings in the area — after the purchase of 9700 Wilshire Boulevard (and other parcels) from Neiman Marcus’ bankrupt parent company Saks Global — total 350,000 square feet of upscale retail space, according to a press release. Ashkenazy owns the former Barneys building on Wilshire Boulevard, which is now occupied by Saks Fifth Avenue, another Saks Global brand.
Read more
Commercial
Los Angeles
Ben Ashkenazy’s Beverly Connection loses 26% of value, still lands extension on $210M in debt
Commercial
Los Angeles
Price revealed in Ben Ashkenazy’s Beverly Hills, Saks Global deal