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12/17/20
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An 80k sf shopping center in Los Angeles’s Koreatown was purchased for $57.5 mil ($719/sf) by a private investment company. The three-story property, California Marketplace, is located at 450 South Western Ave, about two blocks north of Wilshire Blvd.
California Marketplace is anchored by a Korean grocery store and features an adjacent four-level parking structure. At the time of sale, the property was 86% leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog, and BMB Medical.
Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample with CBRE’s downtown Los Angeles office represented the seller, a private developer. Richard Laski of Wilshire Partners and his attorney Aram Ordubegian of Arent Fox were also involved in closing the transaction. We’re told the project sold for almost 10% above the asking price.
“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,” said Moore.
“The public’s needs have been changing during COVID-19, and this center has been successfully able to adapt to these dynamic conditions, including increased grocery store traffic and use of common areas for dining,” said Shustak. “This open-air design also allowed social distancing through the use of escalators and parking structure entry points, increasing its utility beyond that of the usual multi-level center or indoor mall seen in Koreatown.”
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