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August 19, 2022
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Mixed-Use Building in Santa Monica Fetches Over $800/sf


Palisades Capital Partners has purchased a trophy mixed-use property in downtown Santa Monica for $33 mil, or around $825/sf. The asset, located at 631 Wilshire Blvd, was sold by PacShore Partners and GreenOak Real Estate LP.

Originally built in 1958, the art-deco inspired building contains a total of 40k sf of office and retail space. The property, located on the corner of Wilshire Blvd and 7th St, includes four lofts, featuring wood flooring, grand windows, loft space and exposed wood beams.

The property has undergone more than $4 mil in upgrades since 2013, including a remodeled lobby, outdoor common areas and locally focused murals. The 11k sf of retail along Wilshire Blvd has also been revamped and now includes such popular food venues as Mendocino Farms, Sidecar Donuts & Coffee, and Juice Served Here.

CBREs Mike Longo and Newmark Grubb Knight Franks Kevin Shannon, Rob Hannan and Ken White represented the sellers in the deal.

Santa Monica is one of the fastest-growing tech hubs in the county and has been a magnet for technology, media and entertainment-related companies. The lack of supply and increasing tenant demand on the Westside has buoyed asking rents. Other notable transactions in the Santa Monica area include the sale of 233 Wilshire to Douglas Emmett and the Qatar Investment Authority. Core buildings continue to be in high demand and pricing for these assets has surpassed previous all-time highs set back in the first quarter of 2008, according to CBRE Research.

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