The Retail Center Is Strategically Located Near Santa Monica College and Virginia Avenue Park
Lee & Associates Investment Services Group has announced the off-market sale of a multi-tenant retail center located at 1302-1308 Pico Boulevard in Santa Monica for $3.9 million. The transaction, which was completed by Senior Vice President Jesse Muñoz, involved the buyer, Pico 1302 Investors Inc.
The seller, 1302 Pico Blvd Associates LLC, was represented by Gabe Kadosh of Colliers International.
Situated at the corner of Pico Boulevard and Euclid Street in the Sunset Park neighborhood, the property, built in 1962, occupies a 13,007 square-foot lot that includes a single-story retail building spanning 7,276 square feet and 12 surface parking spaces. The retail center is strategically located near Santa Monica College and Virginia Avenue Park, enhancing its appeal.
“The purchase of this prime asset in a high barrier-to-entry market aligns with my client’s long-term investment strategy,” Muñoz said. The property is currently 61% occupied, with potential for increased revenue and future redevelopment options due to the city’s recent Housing Element update.
Jacob Jalil, managing member of Pico 1302 Investors, expressed confidence in the acquisition, stating, “We believe this transaction is a good entrance into the Santa Monica market for us, as we intend to expand our portfolio in the more moderate areas of Santa Monica.” A personal training facility, The Study, occupies a significant portion of the property.
