Harridge Development Group has acquired the Wilshire Galleria, Koreatown’s most popular shopping destination, for $49M, or $353/SF, with plans to transform it to a mixed-use development.
The company is considering either a mixed-use multifamily project or hotel combined with residential units. The 138k SF retail center is about 50% occupied, but most tenants, except Nature Spa, are on month-to-month or short-term leases, so must vacate the building when their leases are up. Harridge plans to rebuild around the spa, according to Curbed.
The Wilshire Galleria opened in 1939 as I Magnin, a department store competitor to Bullock's, which was a few blocks east. The all-marble Art Deco building was designed by architect Myron Hunt, who also designed the Ambassador Hotel. I Magnin closed in 1990 after the LA Riots, but reopened as Wilshire Galleria, a Korean-oriented shopping destination.
The seller was Kook Property Management. CBRE's Johnny Choi repped the buyer and seller, along with Curtis Palmer and Anthony Muhlstein of Newmark Grubb Knight Frank. [Curbed]
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