Coldwell Banker Commercial WESTMAC has arranged the sale of 2705 Pico Boulevard in Santa Monica for $2,650,000.
An investor in a 1031 exchange has purchased the 4,130-square foot two-structure retail building from a private Trust. The property is home to a single-occupant pre-school on a long-term lease.
“The property sold for a very aggressive cap rate at approximately 2.8%.” T.C. Macker, CCIM said.
The subject property resides along Pico Boulevard, which is home to a vibrant neighborhood full of pedestrian friendly sidewalks and plenty of walkable restaurants and retailers, including Trader Joes and Whole Foods.
T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC represented the Seller. Ernie Farhat of Sanjo Investments represented the Buyer.