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6/14/23
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Here’s news of a spec retail development along Santa Monica’s iconic Third Street Promenade. The three-story, 25k sf project is being developed by Blatteis & Schnur, who are replacing a 77-year-old mixed-used building that they razed last year.
Development of the project will be financed with a $27.4 mil construction loan that was arranged by Sonnenblick-Eichner Company. The non-recourse construction loan was priced at SOFR + 550 bps. and was funded by a private debt fund.
Located at 1404 - 1408 Third Street, the Class A building will provide approximately 50 feet of high-profile retail frontage along one of the most iconic High Streets in Southern California. One of the retail building’s more distinctive characteristics will be a 2.5k sf roof deck with unobstructed views of the Santa Monica Mountains and the Los Angeles Basin.
“Funding a speculative retail development in today’s environment is very challenging, however we were able to identify a lender who understood the unique location of this asset and the strength of the developer as well as their ability to execute on their business plan,” said Sonnenblick-Eichner Company Principal David Sonnenblick.
Recognized internationally as one of California’s premier shopping destinations, the Third Street Promenade is a three-block, vehicle-free, open-air retail district with more than 200k sf of retail, dining and entertainment venues. The property is on the most desirable street of the Promenade, less than one block from Santa Monica Place, a 475k sf, open-air mall anchored by Nordstrom and whose tenants include Tiffany & Company, Louis Vuitton, Tesla, The Cheesecake Factory and True Food Kitchen.
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