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Former Bank Branch Building in Santa Monica Sells for $1,436/sf

3/24/16

A 9.4k sf, former bank branch building in Santa Monica was acquired by Cadence | California, a private developer, for $13.5 mil. That divides out to $1,440 per sf. The property sits on a 30k sf site at 3032 Wilshire Blvd, a couple blocks west of Centinela Ave.

Formerly occupied by Bank of America, the site consists of two parcels and a large parking lot, making it an ideal re-development opportunity.

CBRE’S Alex Kozakov and Patrick Wade represented the buyer and the seller, a joint venture between UDR and a local developer. This is the 5th property sold by the team in Santa Monica/West Los Angeles the past month, totaling more than $45 mil in value.

“This sale is symbolic of the high demand for quality retail space and land in Santa Monica,” said Kozakov. “This building sits in one of the hottest neighborhoods in the county that has been seeing tremendous rent growth and appreciation in property prices. There are several exciting development projects nearby.”

“This site on Wilshire Boulevard is zoned for a wide array of re-development opportunities,” said Wade. “The buyer has some exciting ideas that will only improve the already strong desirability of the immediate area.”






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