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1/10/22
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A 29.1k sf, single-tenant property occupied by Whole Foods in Santa Monica sold for $54.25 mil ($1,864/sf). The building, NNN-leased to Whole Foods on a long-term basis, was purchased by Deka Immobilien for its open-ended real estate fund, Deka-ImmobilienNordamerika, as its second investment on the West Coast. It was sold by Tooley Interests LLC.
The building, which Tooley acquired in 2013 and significantly renovated, has been occupied by Whole Foods since 2017. The trophy property is located at 2021 Cloverfield Blvd in an irreplaceable Silicon Beach location within Santa Monica. The area has become the primary location for technology, advertising and media information (TAMI) industries in Southern California.
Additionally, Whole Foods Santa Monica is less than a half mile from the 10 Fwy. This strategic last-mile location allows the tenant to fulfill delivery and click-and-collect orders and serves a dense and affluent population base of more than 283,000 residents within a two-mile radius and earning an average annual household income of $160,000.
Gleb Lvovich, Geoff Tranchina, Bryan Ley and Danial Tyner with JLL Retail Capital Markets represented the seller in the transaction.
“Since grocery stores are experiencing record sales, we were drawn to this stand-alone, single-tenant Whole Foods Market, as it is the perfect investment for a long-term investor,” said Driss Oualkadi, President Deka Immobilien in the USA. “This asset’s established and necessity-based footprint, combined with a long-term lease in the heart of Santa Monica, is an ideal example of the opportunities we seek to acquire as we enter into 2022.”
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