Chinatown Retail Complex With Redevelopment Potential Sells For $29.5M

Courtesy of Lee & Associates
The Dynasty Shopping Center In Chinatown

A Chinatown shopping center spread across two buildings on the block bounded by Spring Street and Broadway has sold for $29.5M.

Lee & Associates announced the sale but not the buyer, which documents filed in the Los Angeles County Superior Court identify as Redcar Properties. The sale required court confirmation because it was a partition action sale, the result of the property’s co-owners not being able to agree about whether to sell the property.

Redcar outbid two other prospective buyers, Vernon-based INI Investment Corp. and Shomof Group, which is planning a 153-unit residential project on the same block.

The property at 800-812 North Broadway and 821 North Spring St., also known as the Dynasty Shopping Center, was placed on the market in September 2019, court documents show. It attracted a number of offers and was slated to sell for $32M until the coronavirus pandemic pushed the city and state into a lockdown and derailed the sale.

It is unclear what Redcar plans for the property or on what timeline, but the buyer was technically Redcar Fund 1 LP, a fund that "focuses on value-add and opportunistic investments with a specialty in creative offices," according to PERE.

"The potential for redevelopment was always on the table because of the property's size," Lee & Associates – Pasadena’s Robert Leveen told Bisnow.

The property is located in a Transit Oriented Communities Tier 3 area, and the neighborhood is covered by the Downtown LA 2040 Plan, an update to Downtown’s community plan that aims to create a path for more than 100,000 new housing units to be added to the area over the next two decades.

Redcar does significant business in Chinatown, including on the same block as the Dynasty Shopping Center. It purchased the retail complex on the northeast corner of the block, at Spring and College streets, in 2018 for $15M, according to public records. A five-story office building constructed with mass timber is rising on the site now, according to Urbanize.

Leveen along with Jamie Harrison and Lee & Associates – Commerce’s Mike D. Smith and Armen Kazaryan represented the seller in the transaction.

CORRECTION, JULY 22, 6:20 A.M. PT: A previous version of this story misspelled the surname of Robert Leveen as Nuveen. The article has been updated.

Continue reading this story with a free account

Log in or register
Related Topics: Chinatown , Redcar Properties
Sign up for more articles like this
Subscribe to Bisnow's Los Angeles Newsletters
Related Stories

Hollywood's Yamashiro Complex Gets $25M Refinance: The Los Angeles Deal Sheet

KDC Pursues $3.5B In Financing For AT&T's Huge HQ Campus In Plano

Towers On The Edge: How Austin Is Redefining Vertical Density At The Waterfront

Why A 'Not My Job' Mentality Can Derail A Construction Project

Lender Wants Blackstone, Hudson Pacific To Sell Vacant Sun Valley Studio

Making Data Center Construction Supply Chains Smarter

Faring Proposes Office, Retail Project On Sunset Strip Car Dealership Site

Copper Mill Sues Partners Over Collapsed Deal For 750-Unit Dorchester Project

LA Developers Eye 2029 Groundbreakings As High Costs Stall New Projects

Over 60% Of Builders Say Immigration Crackdown Is Making It Harder To Build

San Pedro's West Harbor Announces 3 New Tenants: The Los Angeles Deal Sheet

Sir George Iacobescu Has A Message For Developers Sitting On The Sidelines