Acquisitions Include 1202, 1222, 1225, 1232, 1339, and 1344 Third Street Promenade
Federal Realty Investment Trust has sold eight parcels along Santa Monica’s Third Street Promenade to two buyers with core businesses outside real estate, according to a report by The Real Deal.
Tech entrepreneur Daniel Negari, founder of XYZ.com, acquired seven parcels for a combined $84.5 million. United El Segundo, a gas station operator turned developer, purchased the remaining parcel for $19.5 million.
Negari’s acquisitions include 1202, 1222, 1225, 1232, 1339, and 1344 Third Street Promenade, along with 301 Arizona Avenue. His most expensive purchase was the 24,600-square-foot building on Arizona Avenue, priced at over $900 per square foot, one of Santa Monica’s highest commercial deals in the past year.
Real Deal reported that Negari used approximately $61 million in loans from the Royal Bank of Canada for the acquisitions. The Arizona Avenue building is currently 50 percent vacant, according to online listings.
Negari is not new to Santa Monica real estate; he bought 310 Wilshire Boulevard for $9.4 million in 2018.
United El Segundo purchased 214 Wilshire Boulevard, a 31,000-square-foot building occupied by Wally’s Wine. The company recently proposed a 29,000-square-foot office building on Sunset Boulevard, featuring a digital billboard wrap.
