The California Marketplace, an iconic retail hub in the heart of Los Angeles’ Koreatown, is officially up for sale. Located at 450 S. Western Avenue, the property offers 83,427 square feet of leasable space across three levels and is supported by a five-story parking structure with 400 spaces. Dana Point-based Jake Sharp Group, which purchased the property in December 2020 for $57.5 million, roughly $689 per square foot, owns the shopping center, which Kyle Miller and Bill Bauman of Newmark are marketing.
No pricing guidance has been provided at this time.
This listing presents an opportunity for investors to acquire a premier grocery-anchored shopping center in one of Los Angeles’ most dynamic neighborhoods. However, the sale is distressed and subject to Bankruptcy Court approval, adding a layer of complexity to the process.
Built in 2016, California Marketplace has become a cornerstone of Koreatown’s retail scene. Located at the heavily trafficked intersection of Western Avenue and 5th Street, the property boasts a tenant mix of daily-needs retailers, specialty shops, banks, and restaurants. Anchored by a well-established grocery store, the center serves the local community and draws visitors from across Los Angeles County.
The shopping center’s design includes vertical integration with elevators and escalators connecting all retail and parking levels. This accessibility and location have made California Marketplace a go-to destination for the dense Koreatown population of over 612,000 residents and 278,000 employees within a three-mile radius.
Newmark’s flyer noted that the property, currently 80.8 percent leased, offers upside potential for investors. The surrounding area is experiencing a residential boom, with over 6,500 new housing units set to be delivered in the next two years. This influx of residents promises to further boost foot traffic and retail demand at the Marketplace.
While the property is already a standout for its quality and design, bringing occupancy closer to 100 percent presents a clear path to enhanced revenue. For investors, this is a chance to capitalize on the area’s growth trajectory and secure a foothold in a thriving urban market.
Newmark’s Retail Capital Markets team describes California Marketplace as a “generational opportunity.” Given its quality of construction and prime location, replicating such a project in today’s market would likely cost much more than the price to acquire it.
Due to its distressed status, the sale process includes specific bidding procedures, and prospective buyers must execute a Non-Disclosure Agreement to access detailed financial and operational data.
