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.”