Commercial Real Estate

Portfolio raises $10.5 million


FOR IMMEDIATE RELEASE

COLDWELL BANKER COMMERCIAL WESTMAC ANNOUNCES $10.5 MILLION OFFICE AND RETAIL SALE IN SANTA MONICA

July 5, 2011

SANTA MONICA, CA– A Northern California based owner has sold its portfolio of 16,585 SF in three commercial buildings at 1415-1433 5th Street for $10,500,000 to local investor and developer.

The property comprised of one-story and two story retail and office buildings, was owned by the same family for over 50 years.   At one time the property served as the Greyhound bus depot.  The property was fully leased at time of sale with Comerica Bank as the anchor tenant.

Tim Macker and T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC represented both Buyer and Seller.

“There is great buyer demand for core first class locations like Santa Monica.” T.C. Macker said.   And he added “There were multiple offers on the property”.