The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
American Realty Advisors Buys Mixed-Use Asset on Santa Monica’s Third Street Promenade

12/21/15

American Realty Advisors has purchased Criterion on the Promenade, a retail/mixed-use asset situated along Santa Monica’s desirable Third Street Promenade retail/entertainment corridor. The property, located on the southeast corner of Arizona Ave and Third St, boasts 150 feet of frontage on both streets and is also located just three blocks from Santa Monica beach.

The property contains 30k sf retail space and 22.9k sf of office space, along with 32 studio and one-bedroom residential units. Major tenants include Victoria’s Secret, Brookstone, and WeWork, a leading provider of co-working office space.

Originally consisting of a movie theater built in the 1920s, Criterion was gut-renovated in the 1980s for construction of a multiplex theater, and the historic façade was kept intact while the structure was extended to the east. The property was completely renovated again in 2015.

The Third Street Promenade is currently one of the top retail streets in the country, averaging 40,000 pedestrians per day. It also features that street entertainer guy spray painted in silver from head to toe and a woman who plays classic Carpenters hits on a harp while standing on her head (okay, we made up the harp playing lady).

According to Gary Steinhardt, American’s Senior Director, Investments, this acquisition secures an asset with a fortress location, high quality tenants, and great visibility. “We have acquired a generational high-street retail and mixed-use asset for our investors,” says Steinhardt. “Criterion is located in an area characterized by extremely high barriers to entry, very attractive demographics, and strong demand from retail, office, and residential tenants,” he noted. In addition to the significant influx of tourists year-round in the area, there are nearly 400,000 residents living within a five-mile radius of Criterion with an average annual household income of $107,000.

In recent years, the City of Santa Monica has completed over a dozen major projects between the downtown area and the adjacent Civic Center to maintain Santa Monica’s status as one of the top tourist destinations in the country. The city continues to encourage mixed-use, pedestrian-oriented, multi-modal planning where creative, innovative design is infused into the streetscape, architecture, landscape, art, and transportation network. In addition, the expansion of the LA Metro’s Exposition Line from Culver City to the immediate area in Santa Monica is expected to open in April or May, 2016.

Because of this focus, “downtown Santa Monica remains a dynamic and sought-after area for office space by leading firms in the TAMIE industries,” notes Steinhardt. “Criterion’s location, which is proximate to the area’s most visited destinations, including Santa Monica Place Mall, Civic Center, Palisades Garden Walk, and the future Metrolink station located at 4th Street and Colorado Avenue, is irreplaceable,” he continued.

The seller, Criterion Santa Monica LLC, a joint venture between Metropolitan Pacific Capital and an opportunistic commingled fund managed by Clarion Partners, was represented by Christopher Hoffman and Rikki Keating of Eastdil Secured. The price was not disclosed.






Return to the Archive page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media