Cypress Equity Investments Acquires Santa Monica Retail Center for $7M

This post was published on June 13, 2024 on The Santa Monica Mirror

The Retail Center Was Sold for 274% Above the Santa Monica Market Average

Cypress Equity Investments has acquired a prime retail center at 2031-2037 Wilshire Blvd. for $7 million. The purchase of the 3,149-square-foot property, situated on a 6,970-square-foot parcel at the corner of Wilshire Blvd. and 21st Street, significantly enhances CEI’s presence in Santa Monica.

The acquisition, handled off-market by Kennedy Wilson Brokerage’s President Ed Sachse and Senior Vice President Christine Deschaine on behalf of Auerbach Realty Holdings, adds to CEI’s holdings in the area. CEI already owns adjacent properties at 2025 Wilshire Blvd. and 1152 21st Street, creating a combined 25,457-square-foot assemblage on a newly zoned thoroughfare.

“Cypress was the ideal buyer for this asset,” said Sachse. “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.

The retail center, known for its daily needs shopping offerings, was sold for $2,222 per square foot—274% above the Santa Monica market average of $810 per square foot for retail properties, according to CoStar.

In anticipation of the site’s redevelopment, the Kennedy Wilson Brokerage team also assisted in relocating Noma Sushi, a beloved neighborhood restaurant that had been operating at the property since 1982. “We were able to support Noma in finding a new location in the immediate trade area, ensuring continued patronage by their regular customers,” Deschaine said.