A private developer has completed the sale of a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. The asset was acquired by a private investment company for $57.5 million. The three-story retail property is occupied by a Korean grocery store and features an adjacent four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog, and BMB Medical.

Summary of transaction details:

• Property Type: Shopping Center
• Transaction Amount: $57,500,000.00
• Address: 450 S Western Ave, Los Angeles, CA
• Market: Los Angeles
• Seller's Representative: Michael Shustak, Derrick Moore, Chris Caras & Phillip Sample - CBRE
• Buyer: Private Investment Co.
• Occupancy Rate: 86 percent
• Number of Tenants: 25

Michael Shustak, Derrick Moore, Chris Caras, and Phillip Sample of CBRE’s downtown Los Angeles office acted as the sellers' representatives in the transaction, facilitating the deal between the private developer and the private investment company. This transaction highlights the active real estate market in Koreatown, with a notable occupancy of the retail space at the time of sale.