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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