Former Shriners Hospital near Koreatown trades for $24M

The buyer is believed to be Mitaa Group, led by neurologist Dr. Kyung Cho

TRD LOS ANGELES /
Nov.November 22, 2017 05:00 PM
Shriner’s Hospital (Credit: Wikimedia Commons)

The former Shriners Hospital of Children at 3160 Geneva Street on the edge of Koreatown will soon have a new inpatient resident.

The roughly 154,700-square-foot facility, spanning a whole block, sold for $24.05 million last week, The Real Deal has learned. Sources say Mitaa Group, a real estate investment firm led by neurologist Dr. Kyung Cho, will be the new owner.

Mitaa Group filed documents to build a 132-unit elderly care facility on the 2.25-acre property in May. Plans called for an assisted living complex with a medical and research clinic. The firm did not respond to requests for comment.

Shriners Hospital, which occupied the space for over 50 years, has since relocated to a new facility at 909 South Fair Oaks Avenue in Pasadena.

Stephen Watson and Michael Fukushima of Total Realty Group represented the buyer. Frank Grennie and Hunter Nixon, also of Total Realty Group, had the listing.

Cho, through his firm Mitaa Group, owns a handful of commercial properties throughout L.A. Last year, he sold the famous Foreman & Clark Building in Downtown L.A. for $52 million to Bonnis Properties, a Canadian investment firm. The commercial landlord giant is planning a few multifamily projects, as well, mostly in the Koreatown area.


Related Article

arrow_forward_ios
Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

Top to bottom: a rendering of the project and a photo of the site at 3170 West Olympic Boulevard (Credit: Google Maps)

Koreatown hotelier sells shovel-ready development site entitled for 252 units

From left: Comerica Bank CEO Curtis Farmer, Jamie Lee and 2842 West James Wood Boulevard (Credit: LinkedIn and Google Maps)

Jamison nabs construction loan on another big resi project

From left: Director of Realty Ryan Limb and Newport Partners founder Monique Hastings with the property (Credit: Google Maps)

This developer is going all in on LA affordable housing

Simon Kerendian's Koreatown development site

In Koreatown, residential project proposals keep piling up

Bastion Development Corporation Executive Vice President Reid Kaufmann and the Koreatown project

This Vancouver developer is bringing a 200-unit resi project to Koreatown

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Rendering by Andmore Partners

Going up: Koreatown developer wants to add resi units, with city incentives

arrow_forward_ios