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6/27/24
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A 1.5k sf retail property in Santa Monica traded hands for $1,660 per square foot in a recent $2.49 mil sale. Located at 3116 2nd St, the building formerly housed The Powerhouse theater.
The property is on the list of California Register of Historical Resources. It’s a historic mission revival style structure built in 1909, once used to house an Edison substation, transforming power for distribution to the Ocean Park area. In 1982, Ry Hay, Paul Linke, and Lucinda Zeising converted the building into a playhouse. By the early 1990s, the theatre fell into disrepair and was abandoned.
The Powerhouse Theatre Company revitalized the space in 1995 and operated until 2011. In 2016, the building underwent an extensive renovation that included an earthquake retrofit, new electrical and plumbing systems, a new roof, updated bathrooms, and an exterior deck.
Ian Strano with NAI Capital Commercial represented the seller, Temple Mishkon, in the transaction. The buyer, 2nd Street Santa Monica LLC, was repped by Compass.
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