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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