A dynasty changed hands in Los Angeles’ Chinatown. Redcar Properties bought the nearly 80,000-square-foot Dynasty Shopping Center for $29.5 million, court records show.
A Los Angeles court forced the sale, after sellers Namhee Han Gilhuly, Tony Han and De Young Kim filed a lawsuit in 2019 to equally divide the property at 800-812 N. Broadway and 821 N. Spring Street. In March 2020, SteelWave and Burling Street Properties were in escrow to buy the center for $32 million, but pulled out shortly after, citing the uncertainty of the pandemic.
The coronavirus slammed the brakes on many commercial real estate transactions. The Greater Los Angeles area saw a 39 percent year-on-year decline in commercial deals, for the 12-month period ending in March this year, but still was the top location for commercial deals.
Part of the property was built in 1885, with the rest constructed in 1958. The property currently serves as an indoor market, with restaurants and shops selling everything from silk clothing to bamboo plants.
In May, the center collected $81,118 in rent, out of around $157,842 owed from 98 tenants, court records show. Around 40 stores were vacant at the property as of May.
Santa Monica-based Redcar first offered to buy the property for $21 million and eventually bid $29.5 million, according to court documents. INI Investment was the second-highest bidder at $29 million and Shomof Group was third at $24 million.
Redcar is developing two mixed-use properties down the street from Dynasty: at 646-654 N. Spring Street and 843 N. Spring St, according to its website. The firm did not immediately respond to a request for comment.