LOS ANGELES-Real estate developer Tom Gilmore has acquired a 30,344-square-foot mixed-use property in downtown's Chinatown neighborhood for $10 million from private investor Mr. Yee Edmond Wong. The transaction was completed at 100% of the list price with a current cap rate of 6.5% and a proforma cap rate of 7.5%. Escrow closed on December 31, 2013.

“It's an interesting situation that Chinese investors are snagging sites around town; however, in Chinatown, an institutional quality investment of almost 100 units with great urban retail that goes at $3-$4 per foot is sold to a local guy,” Sagiv Rosano, Rosano Partners executive managing director, tells GlobeSt.com. “We had heavily marketed the site in Asia—one of our VPs traveled to Asian investment summits to present the opportunity. Because of our diversity, strong Asian investment focus and our ability to reach international investors we thought the site will go to an Asian investor; however, the local guys liked and understood the location better than the international investors.”

Rosano Partners VP Sam Kangavari and Jimmy Wang of Multifamily Investment Sales Group represented the seller while Rosano Partners' Coco Kristal represented the buyer in the transaction. Located at 835-855 N. Broadway Blvd., the property has a 71% occupancy rate, generating about $3 rents per square foot. Chinese restaurant Hop Woo anchors the property's retail space, which is located on the ground floor.