Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5M

by Amy Works

LOS ANGELES — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. A private investment company acquired the asset for $57.5 million.

A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent 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 of CBRE’s downtown Los Angeles office represented the seller in the deal.

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