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8/28/19
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The Heyman Center, a two-story, 25.3k sf shopping center in L.A.’s Koreatown district, sold for $12.55 mil, or $496/sf. The property is located at 730 South Western Ave, between 7th and 8th Streets, just one-and-a-half blocks south of Wilshire Blvd.
The Heyman Center is situated on 28.9k sf of land zoned C2. At the time of the sale, the center was 87% occupied by a stable and seasoned tenant mix that ideally serves the immediate population. All of the leases were NNN, creating minimal landlord responsibility.
The average unit size at the property is 780 sf with excellent visibility and minimal bay depth. These are ideal unit sizes which are easily leasable and require minimal tenant improvement costs between tenants. The center has 48 parking spaces and boasts an impressive walk score of 96 out of 100. The transit score of 77 is excellent, making this centralized location easily accessible for the daily shoppers that utilize the center.
The center benefits from excellent frontage and visibility, with over 190 feet of linear frontage along South Western Avenue, one of the main retail thoroughfares through Los Angeles. Daily traffic counts exceed 40,000 vehicles per day, further adding to the appeal of the center.
The Heyman Center offers the added benefit of long-term redevelopment potential. The zoning is C2-1, and the property is well-located within a Tier 3 TOC. This unique opportunity creates a stable and secure cash flow stream in one of the fastest growing sub-markets in Los Angeles, thus creating a multitude of long-term options for the site.
Brandon Michaels with Marcus & Millichap represented the buyer and the seller, both California limited liability companies. The deal came in at a 3.98% cap rate.
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