Venerable Koreatown Plaza is up for sale

Owner of the Western Avenue shopping center hopes to net more than $90M

TRD LOS ANGELES /
Mar.March 05, 2020 03:00 PM
The Koreatown Plaza is hitting the market (Credit: Google Maps)
The Koreatown Plaza is hitting the market (Credit: Google Maps)

A retail plaza that has come to represent the commercial development of Koreatown is now up for sale with its longtime owner Joong Nam Yang hoping to net more than $90 million.

The building’s broker CBRE announced this week that Koreatown Plaza, a 140,000-square-foot building at 928 S. Western Avenue, is looking for a buyer — 32 years after Yang opened the shopping center for business following a $25 million construction project.

CBRE declined to say what it would seek for the property, though one of the property’s agents Timothy Bower said: “It is CBRE’s expectation that it will trade north of $90 million,” or about $640 per square foot.

The plaza is currently home to 72 retail shops, 12 food court restaurants, a branch of Hanmi Bank, Bosco Bakery & Cafe, and Korean cosmetics brand Aritaum.

In December 2018, The Hanahreum Group, the parent company of H Mart Asian-American grocery chain, purchased the Plaza Market grocery store, which had been an anchor tenant since the plaza opened in 1988.

The sale did not appear to presage Yang unloading the entire plaza, as the owner put out a statement at the time that the broad appeal of H-Mart “will complement Koreatown Plaza’s position as the preeminent shopping and dining destination in Koreatown.”

Attempts to reach Nam Yang Thursday were not successful.

Koreatown Plaza opened long before Koreatown became a popular locale for L.A. development.

In December 1987, weeks before the Koreatown Plaza was scheduled to open, the Los Angeles Times reported: “Koreatown Plaza symbolizes a new phase of the Korean business community in Southern California. Believed to be the biggest project undertaken by Koreans in the Southland, it represents a size and scope far beyond the small retail outlets that have until now been the dominant form of Korean-operated business in the area.”


Related Articles

arrow_forward_ios
Cypress CEO Michael Sorochinsky and 1216-1224 Menlo Avenue (Google Maps)

Cypress Equity plans 128-unit affordable complex in Pico-Union

Cypress Equity plans 128-unit affordable complex in Pico-Union
ELK Development founder Evan Kasper and the development site at 730 S. Vermont Avenue (Google Maps)

ELK Development-tied entity plans 80-unit apartment complex in Koreatown

ELK Development-tied entity plans 80-unit apartment complex in Koreatown
An illustration of David Lee

A boomtown for a bygone era: Koreatown developers face a reckoning

A boomtown for a bygone era: Koreatown developers face a reckoning
Neil Kadisha, Jaime Lee, and the building (Credit: CHANCE YEH/Patrick McMullan via Getty Images)

Jamison sells 72-unit Koreatown complex to Omninet

Jamison sells 72-unit Koreatown complex to Omninet
An illustration of Jeanne Radsick and 525 S. Virgil Avenue (Credit: Google Maps)

California Association of Realtors’ new role? Mixed-use developer

California Association of Realtors’ new role? Mixed-use developer
CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

CGI scores $48M in construction financing for Koreatown multifamily project
From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

Here are LA’s 5 biggest multifamily sales of 2019
A rendering of the project and Douglas Bystry, President and CEO of Clearinghouse

Koreatown resi complex marks firm’s entry into Opportunity Zones

Koreatown resi complex marks firm’s entry into Opportunity Zones
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...