CBM1’s Aaron Guido + Rick Rivera recently completed the sale of a 7,500 SF single story retail building situated on a 15,000 SF lot at the intersection of Wilshire Boulevard and Lincoln Boulevard amid the busy epicenter of bustling downtown Santa Monica.

The property was purchased through a joint venture between Tova Capital, Inc and Shopton Capital. A portion of the site is currently leased to Commercial Bank of California, and while the new ownership is actively marketing the property to fill the remaining vacancy, redevelopment is likely the long-term goal.

“Wilshire + Lincoln in downtown Santa Monica is premier, irreplaceable real estate,” says CBM1’s Aaron Guido, adding: “such acquisitions are a genuinely rare opportunity.” Guido, however, acknowledges the unique challenges facing commercial properties in this locale: “There’s no shortage of demand for space in this area, but tenants are growing increasingly savvy.” Premium rents are “absolutely obtainable,” Guido says, but a “willingness to negotiate” is a “must,” as retail continues to evolve in the post-COVID landscape.

For more information, contact Aaron Guido: 714.769.6117 | Aaron@cbm1.com or Rick Rivera: 310.231.5201 | Rickr@cbm1.com

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CBM1’s Jason Ehrenpreis represented the buyer and seller in the recent sale of Western Plaza, a +/-31,170 SF shopping center undergoing a full remodel (expected to be completed this fall) on Western Avenue at Capital/Park Western in Rancho Palos Verdes.

The sale marks the property’s first-ever transfer and resulted primarily from Mr. Ehrenpreis’ exceptional efforts both as a leasing and sales agent. “I’ve handled the leasing [at Western Plaza] for years and recognized a potentially huge upside, given the location’s ‘bullseye intersection’ for this trade area, if the property were remodeled,” Ehrenpreis shares. He then suggested to ownership that rehabbing and repositioning the center would make the property far more desirable to premier credit tenants.

“The owner agreed with the wisdom of my proposal,” Ehrenpreis says, adding: “And with their pledge to remodel the center, I leveraged long-standing relationships to secure leases with several notable tenants, including Habit Burger, Mattress Firm, California Fish Grill, Urbane Café, and O’Reilly.”

With the caliber of incoming tenants and the growing scope of the endeavor, the owner realized a more seasoned retail developer would be a better option to complete the project. “The groundwork I laid in signing leases with credit tenants empowered me to source a buyer the capacity to complete a redevelopment project of this scale and the vision to see the long-term financial rewards,” Ehrenpreis relates, a sentiment underscored by the transaction netting a lucrative $8,400,000 sale price.

The site stretches an entire city block along Western Avenue, from Capital to Park Western, in affluent Racho Palos Verdes. Superbly located, the center is surrounded by numerous A+ retail tenants. Several grocery-anchored shopping centers, including sites anchored by Ralphs, Trader Joe’s, and Sprouts, respectively, border the subject property.

For more information, contact Jason Ehrenpreis: Jason@cbm1.com | 310.231.5213

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