Kennedy Wilson Brokerage successfully closed the sale of a retail center located at 2031-2037 Wilshire Blvd. in Santa Monica for $7 million. The property, spanning 3,149 square feet on a 6,970-square-foot parcel at the corner of Wilshire Blvd. and 21st Street, was sold off-market by Auerbach Realty Holdings with assistance from president Ed Sachse and SVP Christine Deschaine.
The buyer, Cypress Equity Investments (CEI), is a reputable real estate investment and development company known for its portfolio of multifamily mixed-use projects in Santa Monica totaling to thirteen properties. This purchase adds to CEI’s existing adjacent properties at 2025 Wilshire Blvd. and 1152 21st St., creating an impressive assemblage measuring over25,000 square feet along the recently upzoned thoroughfare.
According to Sachse,”Cypress was an ideal fit for this asset” due to their expertise in this market segment.” He further added that he is pleased with facilitating a successful sale that met his client’s expectations after owning and operating the center for more than four decades.
In addition to finalizing the transaction smoothly,Kennedy Wilson Brokerage also assisted Noma Sushi,a popular neighborhood restaurant established since1982,in relocating as part of future redevelopment plans for this prime corner parcel.Pictured: Noma Sushi.
Multi-Tenant Retail Sale Completes Santa Monica Parcel Assemblage
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