Pacific Coast Mixed-Use Asset Sells for $24.5 Million
SANTA MONICA, Calif., Feb. 21, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 1404-1408 3rd Street, a 14,594-net-rentable-square-foot mixed-use building in Downtown Santa Monica, California. The property sold for $24.5 million.
“The building is located on the most desirable block of the world-famous Third Street Promenade, a pedestrian-only outdoor shopping district that has become one of the major tourist attractions in Southern California,” said Richard Ringer, senior managing director investments in Marcus & Millichap’s West Los Angeles office.
“At the time of the sale, the building was fully occupied, and with a majority of the leases turning within the next several months, the new owner has a great opportunity to reposition the property through renovations and re-tenanting,” added Jeff Benson, senior vice president investments. Ringer and Benson represented the seller, a private high net-worth individual and procured the buyer, a private Los Angeles-based real estate investor.
Located a few blocks from the beach and the Santa Monica Pier between Santa Monica Boulevard and Broadway, 1404-1408 3rd St. has 17,312 square feet of improvements on a 7,524- square-foot lot. The property consists of two stories of creative office space with open floor plans, hardwood and concrete floors and exposed brick and high ceilings over prime street retail with 50 feet of frontage.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.