Multi-Tenant Retail Sale Completes Santa Monica Parcel Assemblage

This post was written by Paul Bubny and published on June 11, 2024 on connectcre.com

Kennedy Wilson Brokerage finalized 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 SVP 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. CEI owns the adjacent properties at 2025 Wilshire Blvd. and 1152 21st St., and this purchase will create a 25,457-square-foot assemblage on a prime corner along the recently upzoned thoroughfare.

“Cypress was the ideal buyer for this asset,” said Sachse, “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 had owned and operated the center for more than 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.

Pictured: Noma Sushi.