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6/13/25
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Tova Capital Inc, in a joint venture with Shopton Capital, has acquired a 7.5k sf, free-standing retail building in downtown Santa Monica for $5.5 mil, or $733/sf. At closing, the property was 40% leased to Commercial Bank of California. The Tova-led joint venture plans to make upgrades to the property including new storefront, exterior lighting upgrades, paint and façade enhancements to lease vacancy and stabilize the property.
Originally developed in 1981, the single-story building sits on a 15k sf corner lot at 801-805 Wilshire Blvd, at the signalized intersection of Wilshire and Lincoln Boulevards, with exposure to 50,000 drivers per day. The site offers surface parking at 2.4/1,000 and boasts expansive frontage along Wilshire, one of Los Angeles’ major thoroughfares stretching from the Pacific Ocean to downtown Los Angeles.
With over 2,300 multifamily units underway and major recent prominent retail lease signings like Fogo de Chao, Din Tai Fung and Google, downtown Santa Monica is currently undergoing a retail resurgence following a difficult leasing environment post COVID, according to Tova Founding Partner Ron Harari.
“The ability to acquire a free-standing building with surface parking in downtown Santa Monica is rare, especially at such a highly visible signalized corner and at a historically low land basis,” said Harari. “While many investors sit on the sidelines as Santa Monica recovers, we are excited to transact on quality real estate at a price that would have been unthinkable just a few years ago.”
Luc Hawkshaw, Eric Mandell and Jeffrey Ahn from Ally Commercial represented Tova Capital in the transaction.Ryan Gurman at CBRE has been engaged to handle leasing activities.
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