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Grocery-Anchored Shopping Center in Los Angeles’ Koreatown Sells for $58M

California Marketplace, a three-story retail property in Los Angeles’ Koreatown, traded hands for $57.5 million via a bankruptcy court auction. The 80,046-square-foot shopping center was reportedly acquired by Dana Point-based Jake Sharp Capital from a private developer, Hyun S. Rhee.

Located at 450 S. Western Ave., the open-air design property is anchored by a Korean grocery store and features an adjacent four-level parking structure. The property was 86% leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog, and BMB Medical.

CBRE’s Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample represented the seller.

Moore says, “Despite the unprecedented turmoil in the retail market brought on by the coronavirus pandemic, we continue to see strong demand for well-located, high-quality grocery-anchored retail shopping centers.”

The team sold the project nearly 10% above the asking price, given the strength of grocery stores during this pandemic.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition