A private investor out of Los Angeles paid $2.92 mil for a 13.1k sf ($223/sf) retail strip center in the Koreatown neighborhood of Los Angeles.
Built in 1920, the property is located at 3921-3929 W. Olympic Blvd. It is situated on a .26-acre parcel of land at a signalized intersection that sees more than 45,000 vehicles per day.
Tom Chichester, Joseph Chichester and Matt Brooks with Faris Lee Investments represented the all-cash buyer in the deal. The seller, a private Los Angeles-based family, was repped by Rosano Partners.
“The buyer liked the property because of its irreplaceable and dense infill location near Crenshaw Blvd and along Olympic Blvd, in the heart of Koreatown, the nation’s third most populated neighborhood,” said Chichester. “Additionally, there is a future upside to add value by filling the vacancy and bringing rents to market rates as they expire.”