LOS ANGELES—The Wanda Group's more than $400-million purchase of the former Robinson's May land site from Joint Treasure International, possibly the largest land transaction of the year, went out off without a hitch, according to Laurie Lustig-Bower, one of the CBRE brokers who represented the seller, Joint Treasure International, in the transaction. Lustig-Bower represented the seller along with CBRE broker Rebecca Shum and Savills Studley brokers Robert Stamm and Frank Marriott.

“There really weren't any obstacles in closing the deal with China-based parties and US legal/brokerage teams other than having to do conference calls at odd times of the night because of the time difference,” Lustig-Bower tells GlobeSt.com. That might be due, in part, to the advance due diligence performed by the seller. In an earlier story, Tony Natsis of Allen Matkins, who served as the seller's legal team, explained that the seller did diligence on the property as though they were going to buy it again, all to ensure there were no surprises at the negotiating table.

But, the sale also went smoothly because of the strength of buyer, which is China's largest commercial developer. “Wanda Group was chosen because of their credibility and the price and terms they offered,” says Lustig-Bower. This was also the reason that Joint Treasure International chose Wanda Group and the winning buyer. The transaction itself generated 20 offers (we originally reported only 10) from domestic and foreign buyers that, according to Lustig-Bower, “spanned the spectrum from very large conglomerate companies with multiple business lines to mid-sized and small high-end firms.”