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SOLD: Redevelopment opportunity on 0.21 acres at 513 Western Avenue on the southwest corner of West 5th Street and South Western Avenue, just north of Wilshire Boulevard
in Koreatown, Los Angeles, CA
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NEWPORT
BEACH, CA, March 29, 2021 – JLL Capital
Markets announced today that it has closed the $2.9
million sale of a covered land play consisting of a 3,600-square-foot
value-add retail building with future development potential in the heart of
Koreatown, one of the most active and emerging neighborhoods in Los Angeles,
California.
JLL
marketed the property on behalf of the seller, a private family
office based out of Los Angeles. A private investor purchased the asset.
Completed
in 1920, the one-story building is currently fully leased to Ace Hardware
on a month-to-month basis, providing the new owner with an income stream while
they go through the re-entitlement process with the city.
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| Adam Friedlander |
Based
on current zoning, the new owner could eventually redevelop the property into a
multi-housing asset with between 23 and 41 units, depending on if they take
advantage of Los Angeles’ Transit Oriented Communities (TOC) program that would
allow for a larger unit count.
The
property consists of 0.21 acres at 513 Western Ave. on the southwest corner of
West 5th Street and South Western Avenue just north of Wilshire Boulevard in
Koreatown, one of the most impressive growth submarkets in Los Angeles.
This
central Los Angeles location puts the site between Downtown LA, Hollywood,
Miracle Mile and Hancock Park, making it ideal for retail or multi-housing
uses.
Additionally,
the property has near immediate access to the Purple Line’s Wilshire / Western
Station and is 2.8 miles from both the 101 and Interstate 10, providing quick,
convenient and affordable access to the majority of Los Angeles’ robust
employment and cultural hubs.
The
JLL Capital Markets Investment Sales Advisory team representing the seller was
led by Director Adam Friedlander (Ca. Lic. #1806555).
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| Los Angeles' Purple Line’s Wilshire / Western Station |
“The
ACE Hardware investment offering was a unique opportunity to acquire a
single-tenant storefront retail building at a below market rent,” Friedlander
said. “In addition, the ACE Hardware lease was month to month.
“Opportunistic
buyers were attracted to the property and understood the future development
potential of the site,” he added. “Dense, in-fill locations of Los Angeles
continue to be highly sought after by developers looking to redevelop
commercial properties into its highest and best use.”
For
more news, videos and research resources on JLL, please visit our newsroom.
Jones
Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed
with the California Department of Real Estate, license
#01223413.
CONTACT:
Kimberly
Steele
JLL
Senior Associate
Public Relations
Phone: +1
713 852 3420
Email: Kimberly.Steele@am.jll.com
