November 2, 2024 Breaking News, Latest News, and Videos

CBRE Announces Sale Of Trophy Mixed-Use Property At Wilshire Boulevard For $33 Million

CBRE Group, Inc. today 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.

631_wilshire_sm_036The 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.

 

in News
<>Related Posts

Beverly Hills City Government Agrees to a Stipulated Judgment After Blocking Abortion Clinic Opening

November 1, 2024

November 1, 2024

City to Implement Training, Oversight on Reproductive Rights Following Legal Settlement  California Attorney General Rob Bonta announced a legal agreement...

Dia De Los Muertos 2024: Here’s Where To Celebrate The Holiday Tradition This Weekend

October 31, 2024

October 31, 2024

Los Angeles Has a Variety of Ways to Explore Latino Culture and Honor Ancestors Starting just after Halloween, Dia de...

Santa Monica Seeks Public Input on Cannabis Equity Program

October 31, 2024

October 31, 2024

This Program Aims to Ensure That Individuals Affected by Past Criminalization Have Fair Access to Opportunities Santa Monica is calling...

(Video) Downtown L.A. Reacts to World Series Victory

October 31, 2024

October 31, 2024

The Dodgers Are World Series Champs For The Eighth Time https://www.tiktok.com/t/ZTFtyDDKn

Here’s Why West L.A. Stunk So Bad This Week

October 31, 2024

October 31, 2024

Coastal Communities Were Blanketed by an Intense Smell Brought on by an Oceanic Phenomena Sarena Snider had just returned to...

Halloween Pre-Game Party Brings Chills and Spooky Thrills to The Rose Venice

October 31, 2024

October 31, 2024

Enjoy Halloween With Festive Cocktails, Appetizers, and a Costume Contest The Rose Venice in Venice is set to host a...

Michael Mina’s Egyptian-Mediterranean Restaurant Opens in Santa Monica

October 30, 2024

October 30, 2024

Inside, the 270-Seat Restaurant’s Interior Draws Inspiration From Greek and Egyptian Coastal Aesthetics Renowned chef Michael Mina has opened his...

Los Angeles Dodgers Win 2024 World Series in Thrilling Comeback Against Yankees

October 30, 2024

October 30, 2024

Dodgers Claim the Championship Title With a Stunning Victory After Intense Game By Dolores Quintana The Los Angeles Dodgers are...

Trailer for Luca Guadagnino’s Queer Drops, Set for Limited Release on November 27

October 30, 2024

October 30, 2024

Based on William S. Burroughs’ Novel, the FilmBrings a Powerful Love Story to Life Not content with releasing one amazing...

Petition Launched to Stop Sale of Venice’s Friendship Baptist Church

October 30, 2024

October 30, 2024

Congregants were recently made aware that the church property at 606 Broadway Street was listed for sale Members of Venice’s...

(Video) Home Front Build Maintains Original Architectural Vision For Modern Homes

October 29, 2024

October 29, 2024

For More Information, Go to homefrontbuild.com @smmirrornews Home Front Build Adapts Original Vision of Architect Into Modern Structures #home #construction...

Governor Gavin Newsom Allocates $827 Million to Combat Homelessness Statewide

October 29, 2024

October 29, 2024

New Funding Aims To Create Housing, Expand Shelters, Enhance Support Services Governor Gavin Newsom announced $827 million in new state...

Big Blue Bus to Unveil New Dog Park with Community Celebration

October 29, 2024

October 29, 2024

Attendees Can Enter Their Pets in a Doggie Fall Fashion Show, With Prizes From Local Businesses The City of Santa...

At Vistamar School – Discover the way high school should be

October 29, 2024

October 29, 2024

Students achieve remarkable outcomes with our strong academics, small classes, and personalized approach. Our graduates don’t just attend college—they excel....