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February 23, 2019
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Santa Monica Promenade Building Sells for Nearly $1,000/sf


A partnership of two private Beverly Hills investors -- Golden West Properties and Starpoint Properties -- paid $30.3 mil for a 30.7k sf ($987/sf) building along Santa Monica’s prominent Third Street Promenade currently occupied by Adidas and Burn Fitness.

The building is located at 1231-1233 3rd Street Promenade, along one of the busiest pedestrian districts in Southern California, with a rare 70’ frontage. Consisting of three stories with a rooftop terrace, the high-street retail asset offers a value-add component.

CBRE’s Orbell Ovaness represented the buyers and the seller, San Diego Promenade Investors LLC, a private family office. Orbell also negotiated seller financing for the transaction. The listing attracted more than 500 executed confidentiality agreements from interested national and international investors.

“This was a challenging endeavor; Adidas is set to move into the 1300 block of Third Street Promenade while Burn Fitness has a short term remaining on its original lease, with no option to extend,” said Ovaness.”

The buyers were attracted to a rare chance to create value through lease-up and the reconfiguration of the building. They plan to subdivide the ground-floor retail upon Adidas’s departure and convert the balance of the building into creative office with a roof-top terrace.

With more than 15 million visitors a year, Third Street Promenade is one of the most successful pedestrian shopping centers. Together with Santa Monica Place, its estimated to attract more than $685 mil of consumer spending annually, according to CBRE research. The extremely high barriers to entry mark the city of Santa Monica for its notorious anti-development reputation and complex entitlement process, making it nearly impossible to add new supply to the market.

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