JULY 19, 2021 (LOS ANGELES, CA) – Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced today the successful $29,500,000 court-ordered sale of 800-812 N. Broadway and 821 N Spring Street in Chinatown, Los Angeles, CA.
Robert Leveen and Jamie Harrison of Lee & Associates – Pasadena, and Mike D. Smith and Armen Kazaryan of Team LA at Lee & Associates – Commerce, together represented the seller, Kevin Singer, Partition Referee of Receivership Specialists. The confidential buyer represented themselves.
Dynasty Shopping Center, located at 800-812 N. Broadway and 821 N. Spring Street, offers a rare opportunity in Chinatown to purchase and reposition 79,500 square feet of unentitled TOC Tier 3 Redevelopment Project commercial property zoned for Retail/Office Mixed Use on 1.75 acres of land.
The sale was court ordered due to a partition action. However, the sale was not without stress and drama. Originally marketed as a redevelopment project in Fall, 2019 there was high demand with multiple offers received. The first escrow fell out however, due to the COVID-19 pandemic that began in March 2020. Subsequent offers and escrows that came in were at less than 70% of the contract price of the first escrow, caused by the uncertainty in the marketplace as lockdown eroded the property’s in-place income to effectively zero.
“Finally, this spring, an exchange buyer entered escrow and removed contingencies, thus triggering the court confirmation and overbid process. Our job was to continue to market to interested buyers and encourage them to bid at the overbid hearing. The winning bidder was determined to purchase the property and ultimately bid up the purchase price by $7,000,000 at the hearing” explained Robert Leveen.
Located within the DTLA 2040 Plan (Downtown Los Angeles updated community plan), this corner lot property offers many possibilities for redevelopment and incentives while its prime Chinatown location makes this deal phenomenal. Just one block to the Chinatown Gold Line Station, visitors can access large portions of Los Angeles County along the Metro Rail system. Within the immediate vicinity, over 3,500 apartment units have been built, planned and proposed, creating an immediate customer base. The area ranks 97 on Walk Score as a Walker’s Paradise and still enjoys easy access to the 110, 101 and 10 freeways for drivers.