Santa Monica, CA – (RealEstateRama) — Global real estate investment company Kennedy Wilson represented both the buyer and seller in the $16 million sale of a prime, mixed-use complex located at the corner of 11th Street and Wilshire Boulevard in the heart of Santa Monica. The approximately 23,500-square foot, retail and multifamily property was purchased by 11th and Wilshire, LLC. The seller was Paragon Properties.
The Kennedy Wilson team was led by Ed Sachse, executive managing director of brokerage, along with Fred Cordova, executive vice president of brokerage and Christine Deschaine, senior vice president of brokerage.
“Given the uptick in the investment market, Santa Monica remains a prime investment area of choice. This property is a high-profile corner in one of the most desirable locations in greater Los Angeles, as evidenced by the number of offers that we received,” said Sachse. “This property offers an excellent value-add opportunity which will contribute to the community by bringing this older neighborhood building back to its full potential.”
Originally built in 1922 and 1927, the property is located at 1101-1115 Wilshire Blvd. in Santa Monica. It consists of two lots, including five brick and beam, one story commercial buildings, which still have original bow truss structures. The second, adjacent parcel has a two-story, five-unit apartment building. All of the property’s buildings are 100 percent leased.
About Kennedy Wilson Brokerage
Kennedy Wilson (NYSE:KW) is a global real estate investment company that offers brokerage as a part of a comprehensive array of real estate services. Specializing in the leasing and sale of commercial and multifamily properties, the brokerage team represents tenants and landlords on every aspect of site selection, negotiation and occupancy. Headquartered in Beverly Hills, brokerage services are also offered at Kennedy Wilson offices in Austin, Chicago, Las Vegas, San Francisco and Sacramento. For further information, please visit www.kennedywilson.com/brokerage.