LOS ANGELES—The Wanda Group's more than$400-million purchase of the former Robinson's Mayland site from Joint Treasure International,possibly the largest land transaction of the year, went out offwithout a hitch, according to Laurie Lustig-Bower,one of the CBRE brokers who represented theseller, Joint Treasure International, in the transaction.Lustig-Bower represented the seller along with CBRE brokerRebecca Shum and Savills Studleybrokers Robert Stamm and FrankMarriott.

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“There really weren't any obstacles in closing the deal withChina-based parties and US legal/brokerage teams other than havingto do conference calls at odd times of the night because of thetime difference,” Lustig-Bower tells GlobeSt.com. That might bedue, in part, to the advance due diligence performed by the seller. In anearlier story, Tony Natsis of AllenMatkins, who served as the seller's legal team, explainedthat the seller did diligence on the property as though they weregoing to buy it again, all to ensure there were no surprises at thenegotiating table.

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But, the sale also went smoothly because of the strength ofbuyer, which is China's largest commercial developer. “Wanda Groupwas chosen because of their credibility and the price and termsthey offered,” says Lustig-Bower. This was also the reason thatJoint Treasure International chose Wanda Group and the winningbuyer. The transaction itself generated 20 offers (we originallyreported only 10) from domestic and foreign buyers that, accordingto Lustig-Bower, “spanned the spectrum from very large conglomeratecompanies with multiple business lines to mid-sized and smallhigh-end firms.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.