Redcar buys Dynasty shopping center in Chinatown

79.5K sf mixed-use property bought through court-ordered sale

Los Angeles /
Jul.July 21, 2021 01:00 PM
Redcar Properties CEO Jim Jacobsen with Dynasty Center (Google Maps, Industry Partners)
Redcar Properties CEO Jim Jacobsen with Dynasty Center (Google Maps, Industry Partners)

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.






    Related Articles

    arrow_forward_ios
    Renderings of the project and Brookfield Properties Managing Partner and CEO Brian Kingston (Brookfield, Los Angeles Department of Building & Planning)
    Brookfield plans 350-unit apartment complex at Northridge shopping center
    Brookfield plans 350-unit apartment complex at Northridge shopping center
    Renderings of The Star
    The Star, a $500M office tower project, looks to light up Hollywood
    The Star, a $500M office tower project, looks to light up Hollywood
    The Boyd Street fire in May, 2020 (Getty)
    LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
    LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
    (Getty Images)
    SoCal’s “Space Beach” is ready for liftoff
    SoCal’s “Space Beach” is ready for liftoff
    Clockwise from top left: Kilroy Realty CEO John Kilroy, Boston Properties CEO Owen Thomas, TMG Partners CEO Michael Covarrubius and Eastdil Secured CEO Michael Van Konynenburg (Kilroy, LinkedIn via Thomas, TMG Partners, LinkedIn via Van Konynenburg, Getty)
    “We gotta get people back to the office”: West Coast landlord execs press for return
    “We gotta get people back to the office”: West Coast landlord execs press for return
    Oxford Properties CEO Michael Turner and the campus (Oxford)
    Oxford moves into LA with $134M industrial buy
    Oxford moves into LA with $134M industrial buy
    Post-production campus in Burbank sells for $37M
    Post-production campus in Burbank sells for $37M
    Post-production campus in Burbank sells for $37M
    G6 Hospitality CEO Rob Palleschi and Motel 6 San Jose South, one of the largest assets in the portfolio (G6)
    Blackstone’s Motel 6 portfolio gets $685M CMBS loan
    Blackstone’s Motel 6 portfolio gets $685M CMBS loan
    arrow_forward_ios

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

    Loading...