The property serves as prime real estate for offices and retailers
By Zach Armstrong
According to reports from Bisnow and Real Deal, First Citizens Bank and Trust acquired a prominent downtown Santa Monica office complex from Realty Bancorp Equities.
Realty Bancorp did not immediately respond to inquiry from Mirror Media Group.
The move comes almost a year after Realty defaulted on over $100M in loans attached to the 77K sq ft property located at 1540 2nd St., according to Bisnow. The sale was reportedly at a cost of $86.7 million.
The property serves as prime real estate for offices and retailers. A short walk to the Pier and adjacent to Santa Monica Place, the complex houses a McDonald’s location as well as the CorePower Yoga studio.
A previous version of this piece incorrectly stated First Citizens was the party that defaulted on loans nearly a year ago.
