Spanish Revival Mixed-Use Asset Trades Hands in Koreatown
- Jul 21, 2016
Los Angeles—Koreatown has been one of the city’s major real estate hotspots during the current cycle, as investors are willing to grab any available opportunity. One of the most recent transactions completed in the submarket is the sale of the Chapman Park Studio building, arranged by Charles Dunn Co. representatives John Anthony, Chris Steck and Christopher Giordano. The three worked on behalf of the seller, a local family trust, while buyer Chapman Court LLC was advised by Charles Dunn representative Tanel Harunzade. The total value of the transaction was $9.7 million.
The mixed-use property is located at 3501-3519 W. 6th St. and consists of eight retail units, as well as nine loft-style residential units. Chapman Park Studio offers 14 parking spaces and is situated on a 0.4-acre site at the corner of 6th Street and Alexandria. Amenities include a courtyard, fountains/statues, gardens, patios and rooftop views, as well as positioning in a part of Los Angeles that features spas, restaurants, retail, and the entertainment of the Mid-Wilshire area.
Unit interiors at the 88-year-old building feature detailed molding, paneled walls, tiled floors, high ceilings, arched windows, double-wide hallways, as well as an artisan showroom. Designed by Morgan, Walls & Clements, the property was built using the Spanish Revival style at a time when the architects also styled buildings such as El Capitan, The Mayan, Richfield Tower, Malibu’s Adamson House and the Wiltern Theatre.
Image courtesy of Charles Dunn Co.