May 29, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

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

(Video) Dayglow Coffee Opens New Location in Larchmont

May 29, 2024

May 29, 2024

The specialty coffee shop that serves premium coffee as drip or hand brew coffee, canned cold brew and espresso drinks....

Thousands of UAW Members Join Strike at UCLA and UC Davis Over Unfair Labor Practices

May 28, 2024

May 28, 2024

Union Demand UC Respect Free Speech Rights and Provide Safe Work Environments Thousands of UAW Local 4811 members at UCLA...

Culver City Police Report Highlights Week of Arrests and Community Engagement

May 28, 2024

May 28, 2024

Officers Participate in National Police Week, Make Drug and Firearm Arrests The Culver City Police Department has been active over...

Murder Charge Added in Venice Canals Assault Case After Victim’s Death

May 28, 2024

May 28, 2024

Anthony Jones Now Faces Life Sentence Without Possibility of Parole  Los Angeles County District Attorney George Gascón announced today that...

Celebrate National Burger Day with Free Burgers and Special Deals on May 28

May 27, 2024

May 27, 2024

From Arby’s to Wendy’s, Find out Where to Score the Best Burger Deals As National Burger Day approaches on May...

Pultizer Prize Winning Rapper Signs Deal To Purchase Pricey Brentwood Estate

May 27, 2024

May 27, 2024

Deal Would Be One of the Biggest Real Estate Sales in 2024  Pulitzer Prize winning rapper Kendrick Lamar has agreed...

Check Out Local Library Events and Upcoming Programs Going Into June

May 27, 2024

May 27, 2024

Brentwood, Palisades, and West Los Angeles Libaries Schedules Included As the school year draws to a close, the Brentwood Library...

Measles Case Reported in Traveler at LAX: Health Officials Issue Exposure Warning

May 27, 2024

May 27, 2024

Fourth Infectious Case of Measles in Los Angeles This Year, Third at LAX The Los Angeles County Department of Public...

West Hollywood’s Arts and Culture Industry Generates $12.4 Million in 2022

May 24, 2024

May 24, 2024

Industry Supports 248 Jobs and Contributes $3.4 Million in Tax Revenue The nonprofit arts and culture sector in West Hollywood...

UCLA Police Make First Arrest in Attack on Palestine Solidarity Encampment

May 24, 2024

May 24, 2024

18-year-old Charged With Assault with a Deadly Weapon; Bail Set at $30,000 By Dolores Quintana After three weeks, the University...

UAW Local 4811 Calls for Strike at UCLA and UC Davis Over Unresolved Labor Practices

May 24, 2024

May 24, 2024

UCLA Administration Calls in Riot Police Over Brief Establishment of Second Encampment The Executive Board of UAW Local 4811 called...

Woman Charged After High-Speed Pursuit, Multi-Vehicle Crash on 405 Freeway

May 23, 2024

May 23, 2024

Preliminary hearing set for June 20, Suspect Faces Multiple Charges Los Angeles County District Attorney George Gascón announced that a...

UCLA Police Chief Reassigned After Assault on Palestine Solidarity Encampment

May 22, 2024

May 22, 2024

Acting Chief Named as John Thomas Reassigned to Other Duties on Monday By Dolores Quintana In the aftermath of the...

(Video) The Long Awaited Opening of @Something About Her. The line was down the block for most of the day. Huge success

May 22, 2024

May 22, 2024

If you look closely you can see the owners in the video, who were so very gracious and genuine to...