Koreatown Shopping Center Trades for Record $91M

INI Investment Corp has purchased Koreatown Plaza, a 140,000-square-foot mall in the Koreatown neighborhood of Los Angeles. The $453 per-square-foot price is the highest dollar transaction in Koreatown over the past decade.

The retail center, developed by the previous owner LA-based Korean Shopping Center, is anchored by Asian-American grocery chain H-Mart. The three-story indoor mall on Western Avenue is 80,000 square feet in size and features a four-level parking garage. Other tenants include Gaju Market Corp, Pacific City Bank and BMB Medical Group.

According to CBRE’s Johnny Choi who marketed the property on behalf of the family-owned seller, “This is truly one of the most recognizable properties in flourishing Koreatown. It has also benefitted from its strong upscale tenant base this is relatively e-commerce-resistant as the online retail evolution continues.”