June 30, 2025 Breaking News, Latest News, and Videos

CBRE Announces Mixed-Use Property at Wilshire Blvd. Sale for $33 Million

CBRE Group, Inc. Monday announced the sale of a trophy mixed-use property in downtown Santa Monica to Palisades Capital Partners for $33 million.

CBRE’s Mike Longo and Newmark Grubb Knight Frank’s Kevin Shannon, Rob Hannan and Ken White represented the sellers, PacShore Partners and GreenOak Real Estate LP, in the sale of  the creative office and retail property, located at 631 Wilshire Boulevard.

The Art Deco-inspired property, originally built in 1958, has undergone more than $4 million in upgrades since 2013, including a remodeled lobby, outdoor common areas and locally focused murals. The 11,000 square feet of retail along Wilshire Boulevard have also been revamped and now include such popular food venues as Mendocino Farms, Sidecar Donuts & Coffee, and Juice Served Here.

“The seller’s impressive renovations have created an atmosphere of collaboration within the building and the local Santa Monica neighborhood,” said Longo.

The property is located on the corner of Wilshire Blvd and 7th Street and features a total of 40,000 square feet of office and retail space. The property also includes four lofts, featuring wood flooring, grand windows, loft space and exposed wood beams.

Santa Monica is one of the fastest-growing tech hubs in the county and has been a magnet for technology, media and entertainment-related companies. The lack of supply and increasing tenant demand on the Westside has buoyed asking rents. Other notable transactions in the  Santa Monica area include the sale of 233 Wilshire to Douglas Emmet and the Qatar Investment Authority. Core buildings continue to be in high demand and pricing for these  assets has surpassed previous all-time highs set back in the first quarter of 2008, according to CBRE Research.

“Santa Monica’s technology boom, unique supply constraints, and its enviable beachside    lifestyle have made its 8.7 million square feet of office product one of the most preferred on the West Coast,” said Longo.

 

mikelongo

<>Related Posts

Three-Bed Palisades Highlands Townhouse Hits Market for $1.7M

June 30, 2025

June 30, 2025

The Mediterranean-style property, located at 1529 Michael Lane, is part of a 71-unit community A remodeled 1,919-square-foot townhouse in the...

Six-Bed Mar Vista Hilltop Home Under Construction Lists for $5.3M

June 30, 2025

June 30, 2025

The private backyard is complete with a pool, spa, fire pit, built-in BBQ, and areas for outdoor dining A stunning...

(Video) Getty Villa Reopens Six Months After Dodging Destruction of Palisades Wildfires

June 29, 2025

June 29, 2025

With the reopening also comes a new exhibit, “The Kingdom of Pylos” Getty Villa Reopens Six Months After Dodging Destruction...

Free Virtual Planetarium Shows Coming to SMC in July

June 29, 2025

June 29, 2025

The virtual format is in place as construction of the new SMC Planetarium and Observatory nears completion The Santa Monica...

Santa Monica Adopts $793.3M Budget for FY25-27, Prioritizing Housing and Safety

June 29, 2025

June 29, 2025

The budget preserves core services and invests in major projects, including over $1 billion in hotel investments The Santa Monica...

Iranian Pastor in West L.A. Speaks as Church Rocked by Immigration Raids 

June 28, 2025

June 28, 2025

Five Detained as Fear Spreads Through Persian Christian Faith Community  Fear has spread through a West Los Angeles congregation after...

California Doubles Down on Hollywood: $750M in Tax Credits Approved for Film and TV Industry

June 28, 2025

June 28, 2025

State Lawmakers Back Major Expansion of Production Incentives, Raising Job Projections Los Angeles’ film and television industry is poised to...

Park: “Our Water Infrastructure Must Be Emergency-Ready Every Day”

June 28, 2025

June 28, 2025

Councilwoman expressed cautious relief at the news but emphasized the need for robust infrastructure The Los Angeles Department of Water...

Washington Square Pizza Opens to the Public

June 28, 2025

June 28, 2025

New York Style Pizza “By-The-Slice” Now at the Beach By Nick Antonicello  Washington Square Pizza formally opened its doors today...

California Allocates $5B for Road Repairs, Transit Expansion

June 28, 2025

June 28, 2025

The funding aims to improve road safety, reduce traffic congestion, and promote cleaner transportation California is investing nearly $5 billion...

THIS SUNDAY: Palisades Symphony Presents “Best of Broadway”

June 28, 2025

June 28, 2025

The performance will feature a full orchestra playing iconic selections, from John Philip Sousa’s *El Capitan* and George Gershwin’s *The...

LAPD Updates Immigration FAQ to Clarify Enforcement Role

June 27, 2025

June 27, 2025

The document, available in English and Spanish, outlines the department’s policies and limits regarding immigration status The Los Angeles Police...

Three Santa Monica College Student Films Selected for International Film Festival

June 27, 2025

June 27, 2025

The LA Shorts International Film Festival, the city’s longest-running shorts festival, screens over 350 films annually and draws 10,000 attendees...

EEEEEATSCON Los Angeles Returns with Star Chefs, Firefighter Tribute, and Wildfire Relief Efforts

June 27, 2025

June 27, 2025

Culinary Festival Features Exclusive Restaurant Collabs, Support for Small Businesses  EEEEEATSCON Los Angeles, the celebrated food festival curated by The...

Suspect Charged by Los Angeles DA with Shooting of Santa Monica Cop and Teens

June 27, 2025

June 27, 2025

Faces Attempted Murder Charges and Over 100 Years to Life in Prison if Convicted. Criminal charges have been filed against...