Santa Monica Office Property Sold for $7 Million, Potential Housing Development Planned
TL;DR
Sale of 3205 Ocean Park Boulevard in Santa Monica for $7,000,000 presents investment opportunity in growing area.
WESTMAC Commercial Brokerage facilitated sale of +/- 16,700 sq ft office building with plans for 100+ unit apartment building.
Deal contributes to growth of Santa Monica community by addressing housing needs and enhancing vitality of neighborhood.
WESTMAC Commercial Brokerage, founded in 1988, specializes in office, industrial, retail, and multi-family properties with client's best interest as standard.
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WESTMAC Commercial Brokerage Company has completed the sale of a 16,700-square-foot office building located at 3205 Ocean Park Boulevard in Santa Monica, California, for $7 million. The property, situated just north of Santa Monica Airport with convenient access to the 10 Freeway, spans approximately 25,622 square feet and has attracted a developer with plans for a significant residential project.
The buyer intends to propose a 100+ unit apartment building, pending City of Santa Monica approval. This potential development represents a strategic response to the region's housing needs and reflects ongoing investment in the local real estate market.
T.C. Macker, a principal at WESTMAC, emphasized the significance of the transaction, noting that the sale contributes to the community's growth and addresses the critical demand for housing. WESTMAC representatives T.C. Macker and Woody Cook represented the seller, while Filip Niculete and Glen Scher from Marcus & Millichap represented the buyer.
The sale underscores the resilience of the Santa Monica real estate market and signals continued development potential in a dynamic urban neighborhood. By potentially transforming an existing office property into a residential complex, the transaction represents an adaptive approach to urban land use and housing development.
Curated from 24-7 Press Release
