H Mart has purchased the San Francisco shopping center, Oceanview Village Shopping Center (3995 Alemany Blvd), for $37 million.
GSC RE San Francisco LLC, a company managed by H Mart CEO Il Yeon Kwon, acquired the shopping center on May 1, according to The Real Deal.
The center, built in 2002, is 100,000 square feet and has been anchored by its tenant H Mart since 2021, making it now a tenant-owned property. Previously managed by Denver-based Broe Real Estate, which bought it in 2016 for $30.6 million, Oceanview Village currently has more than 11,200 square feet of vacant space.
Real estate experts, however, are uncertain about H Mart’s long-term plans for the property. Cameron Baird, an agent with the real estate firm Avison Young, told The Real Deal, “It’s not uncommon for tenants to buy properties they lease, write a favorable lease, and then sell it back to the market.”
BY WONHEE CHO, HOONSIK WOO [cho.wonhee@koreadaily.com]
