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8/08/16
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A 23.5k sf, mixed-use property in Santa Monica traded hands for $16 mil, or $681/sf. The property, originally constructed in 1922 and 1927, is located at 1101-1115 Wilshire Blvd, at the corner with 11th St.
The property consists of two parcels with five brick and beam, one-story commercial buildings, which still have original bow truss structures, along with a two-story, five-unit apartment building. All of the property’s buildings are 100 percent leased.
Ed Sachse, Fred Cordova and Christine Deschaine with Kennedy Wilson represented the buyer, 11th and Wilshire LLC, and the seller, Paragon Properties, in the transaction.
“Given the uptick in the investment market, Santa Monica remains a prime investment area of choice. This property is a high-profile corner in one of the most desirable locations in greater Los Angeles, as evidenced by the number of offers that we received,” said Sachse. “This property offers an excellent value-add opportunity which will contribute to the community by bringing this older neighborhood building back to its full potential.”
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