Ashkenazy Sells L.A. Retail Center to Cedars-Sinai for $270M
The hospital system has no near-term plans for the site, though it could ultimately redevelop or convert the 10-acre mall
By Nick Trombola March 16, 2026 2:25 pm
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The largest owner of luxury retail space in Beverly Hills has unloaded a 340,000-square-foot shopping center adjacent to the wealthy enclave.
Ben Ashkenazy’s firm traded the Beverly Connection complex across the street from the landmark Beverly Center for $269.9 million, according to PropertyShark records. Nonprofit hospital system Cedars-Sinai, which operates a campus one block east of the mall, purchased Beverly Connection as “the latest step in decades of evolution and growth,” according to a recent post by spokesperson Duke Helfand.
“The strategic acquisition of the Beverly Connection will provide long-term options for Cedars-Sinai to revitalize our medical campus and provide the most advanced care to our patients and the community well into the next century,” Dr. Peter L. Slavin, president and CEO of Cedars-Sinai Medical Center and Cedars-Sinai Health System, said in a statement.
It was not immediately clear how exactly Cedars-Sinai could utilize the property in the future. Cedars-Sinai does not have any near-term changes planned at the roughly 10-acre retail property, but it maintains potential for redevelopment or conversion
Meanwhile, for Ashkenazy’s Ashkenazy Acquisition Corporation, the sale represents an end to some recent debt headaches. Ashkenazy’s firm acquired the mall in 2014 from Vornado for $260 million, and landed a 10-year, $210 million commercial mortgage-backed securities deal from Citigroup, Commercial Observer reported at the time. Yet general retail distress during the pandemic hit the mall hard, landing the debt in the hands of a special servicer.
Still, Ashkenazy managed to secure an extension on the debt in early 2025, with a new maturity date in mid-2026, according to The Real Deal, which first reported news of Beverly Connection’s recent sale. Beverly Connection was roughly 95 percent occupied when its debt was extended, an Ashkenazy spokesperson told TRD at the time. Tenants include Target, CVS, and designer outlet Saks Off 5th.
A representative for Ashkenazy did not immediately respond to a request for comment.
Ashkenazy is still among the largest owners of retail properties in the area. In January, his firm paid $50 million for the two-block Neiman Marcus site in Beverly Hills, bringing its holdings in Beverly Hills to some 350,000 square feet. Ashkenazy also owns the former Barneys New York building nearby, now occupied by Saks Fifth Avenue, at 9570 Wilshire Boulevard.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
