|
|
7/31/24
|
A 7.3k sf retail building in Santa Monica was purchased for $3.9 mil ($534/sf) in an off-market transaction. The multi-tenant retail structure, built in 1962, sits on a 13k sf lot at 1302-1308 Pico Blvd, at the corner with Euclid St in the city’s Sunset Park neighborhood.
Located southeast of Downtown Santa Monica, near Santa Monica College and Virginia Avenue Park, the Neighborhood Commercial (NC) property benefits from the city's new Housing Element update, allowing for future redevelopment options. The property currently includes 12 surface parking spaces.
Jesse Muñoz with Lee & Associates Investment Services Group represented the buyer, Pico 1302 Investors Inc, in the transaction. The seller, 1302 Pico Blvd Associates LLC, was repped by Gabe Kadosh of Colliers International.
"The purchase of this prime asset in a high barrier-to-entry market aligns with my client’s long-term investment strategy," said Muñoz. "With 61% occupancy, there's potential to increase revenue in the short-term while exploring future redevelopment options."
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
