Former Shriners Hospital near Koreatown trades for $24M

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

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.

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