October 21, 2020 Breaking News, Latest News, and Videos

Jerry’s Liquor Site Sells For More Than $470/Sf:

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.

in News
Related Posts

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...

Santa Monica’s Police Chief Retiring

October 16, 2020

October 16, 2020

SMPD Cynthia Renaud announces retirement, to be replaced by former Chief Jacqueline Seabrooks By Sam Catanzaro Santa Monica has announced...

Virtual Staging Changing The Way We Sell Property?

October 16, 2020

October 16, 2020

Today on Westside Cribz, Chuck Lorre buys his neighbors home, Rage Against the Machine drummer Brad Wilk selling his Santa...

O.C. Man Faces Federal Charges for Allegedly Setting SMPD Car on Fire

October 16, 2020

October 16, 2020

Nathan Wilson, 27, faces up to 20 years in prison An Irvine man was taken into federal custody this week...

Santa Monica Spa Owner Admits Price Gouging in Sale of Scarce N95 Masks

October 15, 2020

October 15, 2020

Niki Schwarz, owner of Tikkun Holistic Spa, pleads guilty to federal charges A Santa Monica day spa owner was charged...

Council Challenger Earns Endorsement After Coming Out Against Controversial Project: Santa Monica Beat – October, 15, 2020

October 15, 2020

October 15, 2020

Local news and culture in under 5 minutes. * Council Challenger Earns Endorsement After Coming Out Against Controversial Project *...