October 26, 2020 Breaking News, Latest News, and Videos

Cadence Buys Again in Santa Monica at $1,400/sF: BOA Site Sold for $13.5 million

CBRE Group Inc. announced the sale of a former bank branch building on Wilshire Blvd. in Santa Monica to Cadence | California, for $13.5 million. 

The 9,370 square foot building, located at 3032 Wilshire Blvd., sits on almost 30,000 square feet of land. Formerly occupied by Bank of America, the site consists of two parcels and a large parking lot, making it an ideal re-development opportunity. 

CBRE’S Alex Kozakov and Patrick Wade represented the seller, a joint venture between UDR and a local developer, and the buyer, Cadence | California, a private developer, in the transaction. This is the 5th property sold by the team in Santa Monica/West Los Angeles the past month, totaling more than $45 million in value.

“This sale is symbolic of the high demand for quality retail space and land in Santa Monica,” said Kozakov. “This building sits in one of the hottest neighborhoods in the county that has been seeing tremendous rent growth and appreciation in property prices. There are several exciting development projects nearby.”

The Kozakov & Wade’s team focuses exclusively on the sale of retail investments properties in the Western US. The team has more than $100 million in current inventory and has closed more than 200 transactions totaling in excess of $1billion in value. 

“This site on Wilshire Boulevard is zoned for a wide array of re-development opportunities,” said Wade. “The buyer has some exciting ideas that will only improve the already strong desirability of the immediate area.”

in News
Related Posts

Santa Monica School Board Approves Purchases $21 Million Building

October 25, 2020

October 25, 2020

Santa Monica Malibu School Board votes 6-1 to purchase office building at 1717 4th Street By Toi Creel The Santa...

City Council Endorsements: Santa Monica Needs a Change

October 22, 2020

October 22, 2020

Santa Monica City Council endorsements from the Santa Monica Mirror The following are two endorsement articles from Santa Monica Mirror...

Crime in Santa Monica Is Declining: Santa Monica Beat – October, 22, 2020

October 22, 2020

October 22, 2020

Local news and culture in under 5 minutes. * Crime in Santa Monica Is Declining * 335 Homeless Residents Housed...

Forma Expanding to Main Street: Westside Food Scene

October 22, 2020

October 22, 2020

Westside Food Scene October 22, 2020 By Kerry Slater Forma Expanding to Main Street Popular Santa Monica Italian restaurant Forma...

California Supreme Court to Hear Santa Monica Voting Rights Case

October 22, 2020

October 22, 2020

Court to rule on future of at-large elections in Santa Monica By Sam Catanzaro The California Supreme Court will determine...

LA County Says Younger Adults and Teenagers Are Driving COVID-19 Cases

October 20, 2020

October 20, 2020

68 percent of new cases among people between ages of 12 and 50 By Sam Catanzaro Los Angeles County health...

Santa Monica Has Issued Over 40 Face Covering Citations

October 20, 2020

October 20, 2020

City expanding COVID-19 compliance efforts with the addition of “Health Ambassadors”  By Sam Catanzaro The City of Santa Monica says...

Grand Jury Indicts Former Angel Employee in Tyler Skaggs’ Fatal Overdose

October 19, 2020

October 19, 2020

Fort Wayne grand jury indicts Eric Prescott Kay on drug distribution and drug conspiracy charges By Sam Catanzaro A federal...

YogaWorks Studios Closing Amid Pandemic: Santa Monica Beat – October, 19, 2020

October 19, 2020

October 19, 2020

Local news and culture in under 5 minutes. * YogaWorks Studios Closing Amid Pandemic * Carjacking Suspects in Custody All...

Edify TV: More Bike Lanes for Westside

October 19, 2020

October 19, 2020

A Westside city is adding more miles of protected bike lanes. Learn more in this video made possible by Santa...

Outgoing Santa Monica Police Chief Set to Receive Nearly $100K of Severance Pay

October 19, 2020

October 19, 2020

Santa Monica City Council approves retirement agreement for outgoing chief Cynthia Renaud By Sam Catanzaro Santa Monica’s outgoing police chief...

Intravenous Vitamin Therapy: A Natural, Effective Solution for the Flu

October 19, 2020

October 19, 2020

By Dr. Mahboubeh Hashemi, ND and Dr. Matthew Cavaiola, ND  As fall and winter are fast approaching, many people, and...

Edify TV: Deal to House Homeless People Near Freeways

October 18, 2020

October 18, 2020

After months of negotiations, the City and County of LA reached a $300 million deal to house thousands of homeless...