{"id":2131,"date":"2021-07-19T13:04:36","date_gmt":"2021-07-19T20:04:36","guid":{"rendered":"https:\/\/www.lee-associates.com\/pasadena\/?p=2131"},"modified":"2021-11-11T15:35:26","modified_gmt":"2021-11-11T23:35:26","slug":"lee-associates-closes-dynasty-shopping-center-as-a-29500000-court-ordered-sale-in-chinatown-los-angeles","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/pasadena\/2021\/07\/19\/lee-associates-closes-dynasty-shopping-center-as-a-29500000-court-ordered-sale-in-chinatown-los-angeles\/","title":{"rendered":"Lee &amp; Associates closes Dynasty Shopping Center as a $29,500,000 court-ordered sale in Chinatown, Los Angeles"},"content":{"rendered":"<p><strong>\u00a0July 19, 2021 (LOS ANGELES, CA)\u00a0<\/strong><\/p>\n<div id=\"attachment_2132\" style=\"width: 985px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2132\" class=\"wp-image-2132 size-full\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Dyansty-Shopping-Center-Los-Angeles-CA.png\" alt=\"\" width=\"975\" height=\"545\" srcset=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Dyansty-Shopping-Center-Los-Angeles-CA.png 975w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Dyansty-Shopping-Center-Los-Angeles-CA-300x168.png 300w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Dyansty-Shopping-Center-Los-Angeles-CA-768x429.png 768w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><p id=\"caption-attachment-2132\" class=\"wp-caption-text\">Dynasty Shopping Center, Chinatown Los Angeles, CA<\/p><\/div>\n<h3>Lee &amp; Associates, the largest broker-owned commercial real estate firm in North America, announced today the successful $29,500,000 sale of 800-812 N. Broadway and 821 N Spring Street in Chinatown, Los Angeles, CA.<\/h3>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.lee-associates.com\/pasadena\/robert-leveen\/\">Robert Leveen<\/a> and <a href=\"https:\/\/www.lee-associates.com\/pasadena\/jamie-harrison\/\">Jamie Harrison<\/a> of <a href=\"https:\/\/www.lee-associates.com\/pasadena\/\">Lee &amp; Associates \u2013 Pasadena<\/a>, and <a href=\"https:\/\/s3.amazonaws.com\/buildout-production\/users\/14403\/bio.pdf?1493845760\">Mike D. Smith<\/a> and <a href=\"https:\/\/s3.amazonaws.com\/buildout-production\/users\/14394\/bio.pdf?1501521418\">Armen Kazaryan<\/a> of <a href=\"http:\/\/teamlacommercial.com\/\">Team LA<\/a> at Lee &amp; Associates &#8211; Commerce, together represented the seller, Kevin Singer, Partition Referee of Receivership Specialists. The confidential buyer represented themselves.<\/p>\n<p>Dynasty Shopping Center, located at 800-812 N. Broadway and 821 N. Spring Street, offers a rare opportunity in Chinatown to purchase and reposition 79,500 square feet of unentitled TOC Tier 3 Redevelopment Project commercial property zoned for Retail\/Office Mixed Use on 1.75 acres of land.<\/p>\n<p>The sale was court ordered due to a partition action. However, the sale was not without stress and drama. Originally marketed as a redevelopment project in Fall, 2019 there was high demand with multiple offers received. The first escrow fell out however, due to the COVID-19 pandemic that began in March 2020. Subsequent offers and escrows that came in were at less than 70% of the contract price of the first escrow, caused by the uncertainty in the marketplace as lockdown eroded the property\u2019s in-place income to effectively zero.<\/p>\n<h4>\u201cFinally, this spring, an exchange buyer entered escrow and removed contingencies, thus triggering the court confirmation and overbid process. Our job was to continue to market to interested buyers and encourage them to bid at the overbid hearing. The winning bidder was determined to purchase the property and ultimately bid up the purchase price by $7,000,000 at the hearing\u201d explained Robert Leveen.<\/h4>\n<p>&nbsp;<\/p>\n<p>Located within the <a href=\"https:\/\/planning.lacity.org\/plans-policies\/community-plan-update\/downtown-los-angeles-community-plan-update\">DTLA 2040 Plan<\/a> (Downtown Los Angeles updated community plan), this corner lot property offers many possibilities for redevelopment and incentives while its prime Chinatown location makes this deal phenomenal. Just one block to the Chinatown Gold Line Station, visitors can access large portions of Los Angeles County along the Metro Rail system. Within the immediate vicinity, over 3,500 apartment units have been built, planned and proposed, creating an immediate customer base. The area ranks 97 on Walk Score as a Walker\u2019s Paradise and still enjoys easy access to the 110, 101 and 10 freeways for drivers.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211; &#8211; &#8211; &#8211;<\/p>\n<table style=\"border-collapse: collapse;width: 72.5934%;height: 133px\">\n<tbody>\n<tr style=\"height: 181px\">\n<td style=\"width: 20.3285%;height: 123px\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-1457\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2019\/04\/Robert-Leveen-277x300.png\" alt=\"\" width=\"277\" height=\"300\" \/><\/td>\n<td style=\"width: 1.56804%;height: 123px\"><\/td>\n<td style=\"width: 20.3398%;height: 123px\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-779\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2019\/02\/Jamie-Harrison-277x300.png\" alt=\"\" width=\"173\" height=\"187\" \/><\/td>\n<td style=\"width: 1.58437%;height: 123px\"><\/td>\n<td style=\"width: 20.4597%;height: 123px\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-2142\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Mike-D-Smith-277x300.png\" alt=\"\" width=\"277\" height=\"300\" srcset=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Mike-D-Smith-277x300.png 277w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Mike-D-Smith.png 369w\" sizes=\"auto, (max-width: 277px) 100vw, 277px\" \/><\/td>\n<td style=\"width: 1.68803%;height: 123px\"><\/td>\n<td style=\"width: 20.6284%;height: 123px\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2143\" src=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Armen-Kazaryan-277x300.png\" alt=\"\" width=\"170\" height=\"184\" srcset=\"https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Armen-Kazaryan-277x300.png 277w, https:\/\/www.lee-associates.com\/pasadena\/wp-content\/uploads\/sites\/58\/2021\/07\/Armen-Kazaryan.png 369w\" sizes=\"auto, (max-width: 170px) 100vw, 170px\" \/><\/td>\n<td style=\"width: 58.7022%;height: 123px\"><\/td>\n<\/tr>\n<tr style=\"height: 10px\">\n<td style=\"width: 20.3285%;height: 10px\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 10pt\">ROBERT LEVEEN<br \/>\n<\/span><\/strong><\/span><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-size: 10pt\">Senior Vice President<br \/>\n(213) 995-6684<br \/>\n<\/span><span style=\"font-size: 10pt\">License ID 01476685<\/span><\/span><\/td>\n<td style=\"width: 1.56804%;text-align: left;height: 10px\"><\/td>\n<td style=\"width: 20.3398%;height: 10px;text-align: left\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 10pt\">JAMIE HARRISON<br \/>\n<\/span><\/strong><\/span><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-size: 10pt\">Founding Principal<br \/>\n(626) 240-2784<br \/>\n<\/span><span style=\"font-size: 10pt\">License ID 01290266<\/span><\/span><\/td>\n<td style=\"width: 1.58437%;text-align: left;height: 10px\"><\/td>\n<td style=\"width: 20.4597%;text-align: left;height: 10px\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 10pt\">MIKE D. SMITH<br \/>\n<\/span><\/strong><\/span><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-size: 10pt\">Principal<br \/>\n(323) 767-2109<br \/>\n<\/span><span style=\"font-size: 10pt\">License ID 00978736<\/span><\/span><\/td>\n<td style=\"width: 1.68803%;text-align: left;height: 10px\"><\/td>\n<td style=\"width: 20.6284%;text-align: left;height: 10px\"><span style=\"font-family: arial, helvetica, sans-serif\"><strong><span style=\"font-size: 10pt\">ARMEN KAZARYAN, MRED<br \/>\n<\/span><\/strong><\/span><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-size: 10pt\">Senior Vice President &amp; Principal<br \/>\n(323) 767-2041<br \/>\n<\/span><span style=\"font-size: 10pt\">License ID 01291719<\/span><\/span><\/td>\n<td style=\"width: 58.7022%;text-align: left;height: 10px\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"color: #800000\"><strong>Also published at:<\/strong><\/span><\/p>\n<p><a href=\"https:\/\/labusinessjournal.com\/news\/2021\/jul\/26\/chinatown-dynasty-shopping-center-sells-30-million\/\">Los Angeles Business Journal<\/a><\/p>\n<p><a href=\"https:\/\/www.bisnow.com\/los-angeles\/news\/construction-development\/chinatown-los-angeles-sold-revelopment-redcar-properties-109614\">BisNow.com<\/a><\/p>\n<p><a href=\"https:\/\/www.newsbreak.com\/news\/2316258577582\/chinatown-retail-complex-with-redevelopment-potential-sells-for-29-5m\">NewsBreak.com<\/a><\/p>\n<p><a href=\"https:\/\/www.lee-associates.com\/elee\/pasadena\/pdf\/CoStar-L.A. Shopping Center for $29.5 Million.pdf\">CoStar.com<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>###<\/em><\/strong><\/p>\n<h4><strong><u>ABOUT LEE &amp; ASSOCIATES<br \/>\n<\/u><\/strong>Lee &amp; Associates offers an array of real estate services tailored to meet the needs of the company\u2019s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee &amp; Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee &amp; Associates, visit <a href=\"http:\/\/www.lee-associates.com\/\">lee-associates.com<\/a> or follow us on <a href=\"https:\/\/www.facebook.com\/LeeAssociatesCRE\">Facebook<\/a>, <a href=\"https:\/\/www.linkedin.com\/company\/lee-and-associates\">LinkedIn<\/a>, <a href=\"https:\/\/twitter.com\/LeeAssociatesRE\">Twitter<\/a>, and <a href=\"http:\/\/www.linkbylee.com\/\">Link<\/a>, our company blog.<\/h4>\n<p><strong><em>###<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0July 19, 2021 (LOS ANGELES, CA)\u00a0 Lee &amp; Associates, the largest broker-owned commercial real estate firm in North America, announced today the successful $29,500,000 sale of 800-812 N. Broadway and 821 N Spring Street in Chinatown, Los Angeles, CA. &nbsp; Robert Leveen and Jamie Harrison of Lee &amp; Associates \u2013 Pasadena, and Mike D. Smith and Armen Kazaryan of Team LA at Lee &amp; Associates &#8211; Commerce, together represented the seller, Kevin Singer, Partition Referee&#8230;<\/p>\n","protected":false},"author":72,"featured_media":2155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,2],"tags":[581,582,241,239,583],"class_list":["post-2131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-press-releases","tag-commercial-real-estate","tag-cre","tag-lee-associates","tag-lee-pasadena","tag-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lee &amp; Associates closes Dynasty Shopping Center as a $29,500,000 court-ordered sale in Chinatown, Los Angeles - Lee &amp; Associates Pasadena<\/title>\n<meta name=\"description\" content=\"Dynasty Shopping Center in Chinatown, Los Angeles sold for $29,500,000. 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