Chinatown, Torrance Centers Bring $41M

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LOS ANGELES-A private investor has paid $25.3 million for the 75,280-sf Dynasty Center retail center in the Chinatown section of Downtown and another has grabbed a prime retail corner in Torrance for $16.6 million, according to Grubb & Ellis and the Hanley Brown Group.The Dynasty Center project, which is at 800-812 N. Broadway, 233 Alpine St. and 821 N. Spring St., is considered one of Chinatown’s landmark centers. It was built in 1958 and was renovated in 1992. The sale of the center was brokered by Ken McLeod, Tom Lagos and Kathleen Silver of the West Los Angeles office of Grubb & Ellis, who represented the seller, Dynasty Center LLC of Los Angeles. The buyer was represented by Jay Chu of Re/Max Commercial. The shopping center, which was 100% leased at the time of sale, is occupied by more than 100 tenants. Its location along North Broadway Boulevard puts it on the main thoroughfare through Chinatown and the Downtown area. Customers include tourists visiting Chinatown and other Downtown attractions as well as residents from the approximately 1.2 million population within a three-mile radius of the center. The Grubb & Ellis team says one of the attractions of the property for the buyer was its potential in light of proposed future commercial growth in the area. Another plus is the property’s abundant parking, which is difficult to find Downtown.In the Torrance transaction, CH Realty/Acquisitions III LLC acquired the 67,468-sf Southwood Village Shopping Center in Torrance from Wohl/Mountain LLC for nearly $16.6 million, according to Hanley Brown Group Real Estate Advisors of Irvine. Edward B. Hanley and Eric P. Wohl of Hanley Brown Group represented the buyer and seller. The property, anchored by Ace Hardware and Chevron, is at the southwest and southeast corners of Palos Verdes Boulevard and Sepulveda Boulevard in the City of Torrance, adjacent to Palos Verdes Estates. It occupies approximately 5.6 acres and consists of three separate buildings with each building situated on its own separate parcel.The purchase gives the buyer “control of an outstanding South Bay intersection,” Wohl says. The property attracted multiple offers, even with incoming buyers having to assume an existing loan requiring an approximate 58% down payment. “The sale is a prime example of how aggressive our 1031 exchange clients have become to acquire a quality, well located retail property in today’s market,” Wohl adds.