This is a first time sale of the 2001 Mediterranean-style building on Montana Avenue. The deal had been in the works for 2 years as the seller searched investment opportunties.
The deal comes out to $1,582 a square foot, above the normal $1000-$1500 a square foot range for Santa Monica shopping area retail.
“The property is fully leased with tenants including Massage Envy, Frozen Fruit Co., and Panache Coiffure. Montana Avenue retail rents range from $4 to $5 a square foot, Zwicker said.”