Jake Sharp Capital has acquired the California Market at 450 South Western Avenue for $57.5 million in a bankruptcy auction. The property consists of a three-story retail asset spanning 91,883 SF, and a 5-story parking garage totalling 123,299 SF, with 362 parking spaces.
- Dig Deeper: The Los Angeles property is currently 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog, and BMB Medical. California Market was previously owned by Hyun S. Rhee, the widow of former grocery chain founder Richard Rhee. It sits on 1.671 acres of land.
- Acquisition financing: Jake Sharp secured a $52.5 million acquisition loan through Will Nelson of Columbia Pacific Advisors, his trusted debt providers, CO first reported.
- Heard on the Street: Jake Sharp told the DailyBeat: “We are a friendly & extremely active buyer and JV partner in the marketplace currently. Our firm is always looking to see how we can help current CRE owners achieve a WIN/WIN on their exit plan or desire to continue participation in the properties they hold.”
- Brokers: CBRE’s Michael Shustak, Derrick Moore, Chris Caras, and Phillip Sample represented the seller in the deal. [CO]