Kenmore Plaza in Koreatown Sells for $18.3 Million in Court-Ordered Sale
TL;DR
The sale of 3450 W 6th Street in Los Angeles for $18.3 million provides a strategic advantage for the buyer in thriving Koreatown.
The property, known as Kenmore Plaza, is a multi-tenant strip center with +/- 14,344 square feet on +/- 26,335 square feet of land in Los Angeles's Koreatown neighborhood.
The successful sale will contribute to the growth and success of Koreatown's commercial landscape, benefiting the local economy and community.
The iconic Chapman Plaza located across the street adds to the vibrant and dynamic atmosphere of this premier commercial property sale.
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WESTMAC Commercial Brokerage Company has successfully arranged the partial interest sale of Kenmore Plaza, a multi-tenant strip center located at 3450 W 6th Street in Los Angeles' Koreatown. The transaction was based on a property value of $18.3 million and was executed as a court-ordered sale.
The property, situated on approximately 26,335 square feet of land, comprises a 14,344-square-foot building. Its prime location across from the iconic Chapman Plaza underscores the strategic importance of this sale in one of Los Angeles' most vibrant commercial districts.
T.C. Macker of WESTMAC Commercial Brokerage Company emphasized the significance of this transaction, stating, "This sale highlights the continued demand for high-quality retail assets in this thriving area, known for its rich cultural diversity, robust foot traffic, and strong economic potential." The successful completion of this deal not only benefits the involved parties but also contributes to the ongoing growth and vitality of Koreatown's commercial landscape.
The sale of Kenmore Plaza reflects the resilience and attractiveness of well-positioned retail properties in dense urban areas, even in the face of changing market dynamics. It demonstrates investors' confidence in the long-term value of strategically located commercial real estate in culturally diverse and economically active neighborhoods.
This transaction may signal potential opportunities for further development or repositioning of retail assets in similar urban corridors, as investors seek properties with stable tenant histories and strong community presence. The sale could also influence property valuations in the surrounding area, potentially impacting future real estate transactions and development plans in Koreatown.
For the local community and businesses, the change in ownership of such a prominent retail center may bring new opportunities or changes to the tenant mix, potentially affecting the neighborhood's commercial offerings and character. As Koreatown continues to evolve, transactions like this one play a crucial role in shaping the area's economic landscape and commercial appeal.
Curated from 24-7 Press Release
