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December 24, 2020

Columbia Pacific lends over $52M for distressed retail deal

The bankruptcy sale was down in Los Angeles, in the Koreatown neighborhood. But, local firm Columbia Pacific Advisors recently announced, it was able to provide a $52.5 million bridge loan for new owner Jake Sharp Capital to close the deal. The five-year-old, three-story, 80,046-square-foot complex is anchored by Gaju Market, and is about 88% leased. Columbia Pacific's Will Nelson said in a statement, “The Koreatown submarket has held up during the pandemic, quality retail remains in high demand, and we are confident the infusion of capital will further stabilize the asset. “450 South Western Avenue is an open-air retail center with ample parking, and we believe it is well positioned to navigate the obstacles of the pandemic and excel as the country begins to recover.” CBRE said the deal closed at $57.5 million, which was 10% over the asking price; its Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample represented the seller. The property, with a large structured parking garage, is also known as California Marketplace.




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