A significant retail property in Koreatown, Los Angeles, known as California Market, has been sold at auction for $29.2 million. This sale marks the second ownership transition within just five years, triggered by the previous owner, Jake Sharp Capital, defaulting on loans related to the property.

Property Details and History

California Market, an expansive shopping center measuring 83,000 square feet, is located at 450 South Western Avenue. The plaza was previously acquired by Jake Sharp Capital in 2020 for $57.5 million, supported by a $52.5 million acquisition loan from Columbia Pacific Advisors. This recent auction comes after the property was transferred to Columbia following the defaults, emphasizing the volatile nature of real estate investments.

Originally owned by Hyun S. Rhee, whose late husband, Richard Rhee, founded a notable supermarket chain, California Market has deep roots in the community. Since its establishment in 1987, it has hosted a variety of tenants, including popular eateries like Gaju Gimbop, Two Hands Seoul Fresh Corn Dogs, and Thanks Pizza, alongside small businesses such as Etude W Salon and Guardian Computer Repairs.

Significance During the 1992 Riots

California Market gained notoriety during the turbulent period of the 1992 Rodney King Riots when Koreatown faced extensive riots and looting. Owners banded together to protect their businesses, with Rhee and others taking defensive measures to safeguard the market from destruction. Their efforts were pivotal in minimizing damage, setting a resilient precedent for the community.

Koreatown’s Evolving Landscape

Today, Koreatown is largely revitalized, shedding much of the scars left from past conflicts. Recent years have witnessed a surge in investment and multifamily developments, primarily driven by companies like Jamison, which controls extensive real estate holdings throughout Los Angeles. In a recent deal, Jamison secured a $50 million refinancing package from Affinius Capital for its multifamily property, The Roya, located less than a mile from California Market.

Additionally, ongoing adaptive reuse projects, especially transforming office spaces into residential units, continue to shape the neighborhood’s landscape, highlighting its dynamic real estate market.