June 26, 2022 Breaking News, Latest News, and Videos

CBRE Announces the Sale of Adidas & Burn Fitness Building in Santa Monica, CA For $30.3 Million

CBRE announced the sale of the Adidas and Burn Fitness Building on Santa Monica’s prominent Third Street Promenade for $30.3 million to a partnership of two private Beverly Hills investors.

CBRE’s retail expert Orbell Ovaness represented the seller, San Diego Promenade Investors, LLC, a private family office. Orbell also negotiated seller financing for the transaction. The asset features high-street retail with a value-add component. It is situated in one of the busiest pedestrian districts in Southern California, with a rare 70’ frontage. This coastal location attracted more than 500 executed confidentiality agreements from interested national and international investors through CBRE’s marketing platform.

“This was a challenging endeavor; Adidas is set to move into the 1300 block of Third Street Promenade while Burn Fitness has a short term remaining on its original lease, with no option to extend,” said Ovaness.” Ultimately, I found the perfect buyer attracted to a rare chance to create value through lease-up and the reconfiguration of the building, making this an opportune mixed-use investment.”

The buyers, Golden West Properties and Starpoint Properties, were also represented by
Ovaness. The local private partnership is planning to subdivide the ground-floor retail upon Adidas’s departure and convert the balance of the building into creative office with a roof-top terrace.

With more than 15 million visitors a year, Third Street Promenade is one of the most successful pedestrian shopping centers. Together with Santa Monica Place, its estimated to attract more than $685 million of consumer spending annually, according to CBRE research. The extremely high barriers to entry mark the city of Santa Monica for its notorious anti-development reputation and complex entitlement process, making it nearly impossible to add new supply to the market.

Related Posts

The Los Angeles Real Estate Market May Finally Be Slowing Down

June 24, 2022

June 24, 2022

Real estate sales drop 21 percent in past year By Dolores Quintana The Los Angeles real estate market is showing...

Redevelopment Complete of Former Westside Pavilion Macy’s

June 24, 2022

June 24, 2022

Developer announces complete of West End at Pico and Overland Developer HLW, on behalf of GPI Companies and in partnership...

Mayor Himmelrich’s Tax Transfer Measure Is Favored to Qualify for the November Election

June 24, 2022

June 24, 2022

In a cursory review, the City Clerk’s office verified 10,277 of the over 11,000 signatures  By Dolores Quintana Santa Monica...

Active Shooter Training Set for Santa Monica Middle School Friday

June 23, 2022

June 23, 2022

Drill to take place at John Adams Middle School Friday morning By Sam Catanzaro ​​An active shooter training will take...

Metro Church and Cafe Fundraising To Keep Space in Santa Monica

June 23, 2022

June 23, 2022

Non-profit church and coffee shop shut down following false vermin complaint By Dolores Quintana Metropolis Santa Monica is a multi-use...

New Coffee Shop Open on Montana Avenue

June 23, 2022

June 23, 2022

Go Get ‘Em Tiger up and running on corner of Montana and 10th  By Dolores Quintana A new coffee shop...

15-Year Department Veteran Selected as Santa Monica’s Next Director of Library Services

June 22, 2022

June 22, 2022

Erica Cuyugan leads Santa Monica Public Library After performing a nationwide search, the City of Santa Monica recently selected Erica...

Cardboard City Returning to Santa Monica This Weekend

June 22, 2022

June 22, 2022

5,000 square foot innovative pop-up art installation returns June 25 with opening ceremony  Cardboard City, a 5,000 square foot innovative...

The Book Jewel Celebrates Pride Month as a Community

June 22, 2022

June 22, 2022

Westchester bookstore hosting series of events this month The Book Jewel in Westchester is hosting several events this month that...

Santa Monica Resident Injured in Apartment Fire

June 21, 2022

June 21, 2022

Pico Neighborhood apartment catches fire last week By Sam Catanzaro A Santa Monica resident was injured in an apartment fire...

Bonin Requests Lease Extension for a Bridge Home Homeless Shelter

June 21, 2022

June 21, 2022

Motion currently pending in City Council committee  By Sam Catanzaro Los Angeles City Councilmember Mike Bonin is pushing to extend...

Mountain Lion Killed by Vehicle Near the Same Spot Her Mother Was Fatally Struck in 2018

June 21, 2022

June 21, 2022

P-54 killed on Las Virgenes Road last Friday By Sam Catanzaro Not too far from where her mother was hit...

Rent Board Has Approves Highest Rental Increase In 40 Years: Santa Monica Beat – June 20th, 2022

June 20, 2022

June 20, 2022

Local news and culture in under 5 minutes.* Rent Board Has Approves Highest Rental Increase In 40 Years * Recreational Marijuana...

Santa Monica Families Earning Upwards of $190,000 Can Qualify for Mortgage Relief

June 17, 2022

June 17, 2022

State expands California Mortgage Relief Program By Sam Catanzaro Santa Monica families earning upwards of $190,000 can qualify for mortgage...