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11/02/12
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A 22k sf retail building in Santa Monica currently occupied by Joann’s Fabrics and Crafts sold for $13 mil ($591/sf). The building, situated on a 36.5k sf site at 1637 Lincoln Blvd, between Broadway Ave and Olympic Blvd, was purchased by Century West Partners.
The principal of the seller, Pyramid Ventures LLC, is Marc Luzzatto of the Luzzatto Company. Mitchell Stokes of Madison Partners represented the buyer, who intends to develop the property into a mixed-use project upon expiration of the current tenant lease.
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