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2/21/19
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Blatteis & Schnur Inc has acquired 1404-1408 3rd Street, a mixed-use building totaling 14.6k sf of office and retail space along the Third Street Promenade in Santa Monica, for $24.5 mil ($1,678/sf). The buy was financed with a $17.6 mil acquisition loan.
The property is located along the Third Street Promenade, a pedestrian-only outdoor shopping district attracting more than 20 million visitors per year. In addition, this trophy downtown Santa Monica location is just blocks from the beach, Santa Monica Pier and Tongva Park. The property comprises two buildings housing ground floor retail space occupied by Lush and Chilli Beans, with two stories of creative office space above.
HFF’s Marc Schillinger and Paul Brindley arranged the floating rate loan with a debt fund. Upon expiration of existing leases and attainment of entitlements Blatteis & Schnur plans the development of a new building on the site.
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