Sunday, November 2, 2008

Marcus & Millichap Lists $14.5M Office Building in Santa Monica, CA

SANTA MONICA, CA-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 32,879-square foot office building in Santa Monica.

The listing price of $14.15 million represents $430 per square foot.

Michael Lawrence, a senior vice president investments and a senior director of Marcus & Millichap’s National Office and Industrial Properties Group in Newport Beach, and Faun Loren Kime, an investment specialist in the firm’s Los Angeles office, are representing the seller, a private, local individual.

“This property is an excellent opportunity for an investor to acquire a well-maintained asset in Santa Monica’s core business district, which is a rapidly developing and growing area,” says Lawrence.

“The office building is uniquely positioned near the proposed site for the light rail terminal, which would bring additional foot traffic from all over Los Angeles to visit Santa Monica’s world-famous shopping, beaches, parks and amenities,” adds Kime.

Located at 1640 5th St., (bottom left site map) the two-story multi-tenant office building is situated on 0.51 acres, just one block from the Santa Monica Place mall (top right photo) , designed by famed architect Frank Gehry and scheduled to be completed in fall 2009.
The property is also two blocks from City Hall and a major mixed-use development, which includes 325 new residential units and 13 acres of new parks.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

No comments: