Monday, December 21, 2015

American Realty Advisors Acquires High Street Retail/Mixed-Use Asset in Santa Monica, CA

Criterion on the Promenade, Santa Monica, CA

LOS ANGELES, CA – American Realty Advisors announced the acquisition of the Criterion on the Promenade, a high-street retail/mixed-use asset located in Santa Monica, CA. 

The seller, Criterion Santa Monica, LLC, a joint venture between Metropolitan Pacific Capital and an opportunistic commingled fund managed by Clarion Partners, was represented by Christopher Hoffman and Rikki Keating of Eastdil Secured.

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Criterion, which is located on the southeast corner of Arizona Avenue and Third Street Promenade in the heart of Downtown Santa Monica’s upscale retail and entertainment district, has 150 feet of frontage on the Third Street Promenade and 150 feet of frontage on Arizona Avenue, just three blocks from Santa Monica beach.  

American’s acquisition includes 30,046 sf of retail, 22,935 sf of office, and 32 studio and one-bedroom residential units.  Major tenants include Victoria’s Secret, Brookstone, and WeWork, a leading provider of co-working office space.

Originally consisting of a movie theater built in the 1920s, Criterion was gut-renovated in the 1980s for construction of a multiplex theater, and the historic façade was kept intact while the structure was extended to the east. The property was completely renovated again in 2015. 

The Third Street Promenade is currently one of the top retail streets in the country, averaging 40,000 pedestrians per day. 

For a complete copy of the company’s news release, please contact:    

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

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