LOS ANGELES – July 25, 2024 – Lee & Associates Investment Services Group has announced the purchase of 1302-1308 Pico Boulevard, a multi-tenant retail center in Santa Monica, California. The property, built in 1962 and located at the hard corner of Pico Blvd. and Euclid St. in Santa Monica’s Sunset Park neighborhood, sold off-market for $3.9 million. Senior Vice President Jesse Muñoz represented the buyer, Pico 1302 Investors Inc., in the transaction.
Located southeast of Downtown Santa Monica, near Santa Monica College and Virginia Avenue Park, the Neighborhood Commercial (NC) property benefits from the city's new Housing Element update, allowing for future redevelopment options. The 13,007 square-foot lot includes a single-story 7,276 square-foot retail building and 12 surface parking spaces.
"The purchase of this prime asset in a high barrier-to-entry market aligns with my client’s long-term investment strategy," said Muñoz. "With 61% occupancy, there's potential to increase revenue in the short-term while exploring future redevelopment options." A personal training concept, The Study, occupies 4,376 square-feet at the property.
“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,” said Jacob Jalil, managing member, Pico 1302 Investors, Inc.
Santa Monica, a seaside city spanning 8.42 square miles with a population of about 91,600, is one of the top suburbs in L.A. County. Known for its beautiful surroundings, relaxed vibe, and numerous amenities, it attracts professionals, retirees, artists, and affluent residents. As a premier destination with top-notch restaurants, retail, and nightlife, Santa Monica is also a major employment hub and the center of "Silicon Beach," drawing major tech companies to LA’s Westside. These factors make it one of L.A.’s most expensive rental markets, appealing to landlords and developers.
The seller, 1302 Pico Blvd Associates LLC, was represented by Gabe Kadosh of Colliers
International.
About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit www.lee-associates.com. For more information on Lee & Associates Investment
Services Group, visit www.lee-isg.com
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