The sale of a prominent office property at 3205 Ocean Park Boulevard in Santa Monica, California, for $7 million marks a pivotal moment in the local real estate market. WESTMAC Commercial Brokerage Company facilitated the transaction, which involves a 16,700 square foot office building on a 25,622 square foot lot. The property's strategic location north of Santa Monica Airport and near the 10 Freeway adds to its value and appeal.
The buyer, a developer with active interests in the area, has proposed constructing a residential complex featuring over 100 apartment units. This development, however, hinges on obtaining the necessary approvals from the City of Santa Monica. The proposed project could significantly contribute to addressing the region's housing demands, reflecting the ongoing investment and development potential in Santa Monica's real estate market.
T.C. Macker, a key broker in the transaction, highlighted the sale's importance during a time when development opportunities are scarce. According to Macker, the deal not only serves the interests of the buyer and seller but also supports the Santa Monica community's growth and vitality. The sale was brokered by T.C. Macker, CCIM, and Woody Cook of WESTMAC Commercial Brokerage Company, representing the seller, while the buyer was represented by Filip Niculete and Glen Scher from Marcus & Millichap.
This transaction underscores the dynamic nature of Santa Monica's urban landscape and the continuous demand for housing solutions. The potential development of a residential complex at this location could play a crucial role in meeting the area's housing needs, further emphasizing the significance of this sale in the broader context of Santa Monica's real estate and community development.
