In a notable LA area retail buy, a private investor from Dallas, TX purchased The Shops @ The Mercury, a 23.3k sf property located at 3800 Wilshire Blvd in LA’s Koreatown area, for $15.75 mil ($676/sf). Originally part of what was known as the Getty Oil Building, The Shops @ The Mercury is located at the intersection of Wilshire and Western at the bottom two levels beneath 238 upscale residential condos.
The historic building is located adjacent to the famous art deco Los Angeles landmark Wiltern Theatre and directly across the street from the Los Angeles Mass Transit Authority (MTA) Purple Line Subway Entrance connecting The Shops @ The Mercury to Downtown Los Angeles, Hollywood and other cities. The Shops @ The Mercury retail tenants include Coffee Bean & Tea Leaf, Jamba Juice, T-Mobile, Wells Fargo Bank and United Dental Group. The retail property was 89% occupied at the close of escrow.
Hanley Investment Group‘s Senior Vice President Eric P. Wohl, along with HI Urban Retail Advisors’ President Carlos J. Lopez, represented the seller, an LA-based private investor, in the deal. The buyer was repped by Anna Li of Better Homes & Garden Real Estate | Mason-McDuffie in Berkeley.
“The Shops @ The Mercury offers this all-cash buyer a quality mixed-use investment with strong upside potential in one of the most vibrant commercial districts in the City of Los Angeles,” said Wohl. “The buyer has the opportunity to charge for daytime and event parking, significantly increasing cash flow.” According to Wohl, the buyer plans to use the vacant office space for his own purposes.