The building housing Jerry’s Liquor on Wilshire Blvd. in Santa Monica has sold to a private real estate developer for a record of more than $470 per square foot after drawing over a dozen offers for the property.
The 5,273 square foot building, on 2919 Wilshire Blvd., sits on approximately 22,100 square feet of land. Jerry’s Liquor has just over 1 year remaining on their lease, making the site 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, in the transaction.
This is the third property sold by the team in Santa Monica/West Los Angeles the past month, totaling more than $26 million in value, according to CBRE.
“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”
Fourth-quarter asking lease rates in West Los Angeles jumped 6.9 percent to $7.16 a square foot from $6.70 in the prior quarter, according to CBRE data.
“This investment offers a short-term lease on Wilshire Boulevard with C4 zoning – offering an array of development opportunities” said Wade. “The buyer has some exciting redevelopment ideas that will only improve the already strong desirability of the immediate area.”
Kozakov and Wade’s team at CBRE focuses exclusively on the sale of retail investments properties in the Western US. They have closed more than 200 transactions totaling in excess of $1billion in value, according to the real estate firm.
