Investors Turn to Retail Opportunities in Koreatown

The 50,000-square-foot Chapman Plaza was built in 1929.

LOS ANGELES—Koreatown has been one of the top emerging L.A. markets for the last year with ample multifamily investment, but this latest acquisition may mean that the market is hitting a new stride. ArcWest Partners, a joint venture between Arc Capital Partners and Belay Investment Group, has acquired Chapman Plaza, a historic 50,000-square-foot retail center in Koreatown. The purchase price and the name of the seller were not disclosed.

“Koreatown is the most dense and diverse neighborhood in Los Angeles in the midst of a renaissance,” Neville Rhone, managing partner of Arc Capital Partners, tells GlobeSt.com. “These types of urban, walkable neighborhoods are the ones that will be successful over time and as such we are looking forward to investing more in Koreatown. We are excited about this property given its unique landmark architecture, its high occupancy, and its strong culinary following.  Chapman Plaza cannot be replicated and is located at the heart of Koreatown’s emergence as a vibrant neighborhood.”