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April 17, 2021
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Mixed-Use Property in L.A.’s Koreatown Goes for Over $500/sf

2/04/21

A 28.3k sf, mixed-use retail and medical office property in Los Angeles’ Koreatown sold for $15.25 mil ($539/sf).The three-story property, located at 2970 W. Olympic Blvd, features 20k sf of medical-related office spaces and ground-floor retail and is anchored by a Chase Bank on the street level.

CBRE’s Johnny Choi, along with Charles DeSantis at Kidder Matthews, represented the seller, EJS Properties LLC, in the transaction. The buyer, MCDG Holding LLC, a local private partnership, was repped by Korus Real Estate.

“There is a real scarcity of modern medical space in Koreatown,” said Choi. “This property sits at one of the most visible corners of this dense urban neighborhood with a highly favorable walk score. This is an irreplaceable asset.”

Over the past years, Koreatown has evolved into one of the most dynamic and vibrant submarkets in Los Angeles. Fueled by increasing demand for centrally located residences and easy-to-access amenities and transit, Koreatown has grown into one of Los Angeles’ strongest communities for multifamily and businesses. A city within a city, it is one of the most densely populated areas in LA.





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