Santa Monica Retail Building Sold
28 Sep, 2010, Santa Monica, Calif.
Cushman & Wakefield today announced the sale of 1415 Third Street Promenade, a three-story vacant retail building located on Santa Monica's landmark Third Street Promenade between Santa Monica Boulevard and Broadway. The property was previously occupied by Borders Books and Music.
The buyer was ASB/Blatteis Promenade LLC. Cushman & Wakefield brokerage professionals Steve Algermissen, Kazuko Morgan and Carine Mamann represented the seller, 1415 3rd Street Promenade LLC. Terms of the sale were not disclosed.
Situated on the east side of the Third Street Promenade, the building's location represents one of the most desirable retail sites in Southern California, just half a block south of Macerich's new Santa Monica Place. That project - which boasts Nordstrom and Bloomingdale's as anchor tenants - recently completed a reported $265 million renovation program and reopened last month. Additional tenants include Tiffany & Co., Louis Vuitton, Burberry , Nike, AllSaints Spitalfields, CB2, Ted Baker, BCBG and Disney.
"This was a rare opportunity for an investor to acquire a freestanding retail building at the heart of Santa Monica's retail scene just as it's getting an additional boost from the buzz around Santa Monica Place," said Steve Algermissen, a Cushman & Wakefield executive director who specializes in commercial property sales.
"With the recent and highly anticipated opening of Santa Monica Place, the timing for this transaction was right," said Ms. Morgan, a Cushman & Wakefield executive vice president who specializes in retail real estate transactions. "We had very strong interest and offers, which for a vacant asset in today's market is rare."
According to the brokerage professionals, 1415 Third Street Promenade has 75 feet of retail frontage on the Promenade, totaling approximately 32,000 square feet. The building is located on the same side of the Promenade as Forever 21, Levi's, Gap and Abercrombie & Fitch, and is opposite H&M, Urban Outfitters, Cotton On, Anthropologie, Zara, Benetton, Mango, J. Crew and Banana Republic.
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