Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, Ltd., announced the $7 million sale of 2031-2037 Wilshire Blvd., a 3,149 square-foot retail center on a 6,970 square-foot parcel at the corner of Wilshire Blvd. and 21st Street in Santa Monica. The multi-tenant commercial property was sold off-market by President Ed Sachse and Senior Vice President Christine Deschaine on behalf of Auerbach Realty Holdings.
The daily needs shopping center was purchased by Cypress Equity Investments (CEI), a real estate investment and development company with 13 multifamily mixed-use projects in Santa Monica according to its website. CEI owns the adjacent properties at 2025 Wilshire Blvd. and 1152 21st Street, and this purchase will create a 25,457 square-foot (0.58-acre) assemblage on a prime corner along the recently upzoned thoroughfare.
“Cypress was the ideal buyer for this asset,” said Sachse in a statement, “and I’m pleased we were able to facilitate a sale that gave our client the value they were seeking for their long-held property.” Auerbach Realty Holdings had owned and operated the center for over four decades.
As part of the sale process, and in anticipation of the parcel’s imminent redevelopment, the Kennedy Wilson Brokerage team also assisted in the future relocation of Noma Sushi, a neighborhood restaurant which opened at the property in 1982.
“We were able to support Noma in finding a new location in the immediate trade area, ensuring continued patronage by their regular customers,” said Deschaine. “This was important to our client as well.”
2031-2037 Wilshire Blvd. sold for $2,222 per square foot, 274% above the Santa Monica market sale price for retail of $810 per square foot according to CoStar.
