SANTA MONICA, CA – February 1, 2023
1723 Cloverfield Blvd, Santa Monica, CA 90404 has been sold for a record-breaking price of $40,000,000. The ±25,600 SF building and ±59,159 SF land were sold to a developer by 1723 Cloverfield Partners, LLC, and the closing date was on February 1, 2023. The escrow process was handled by the Chicago Title Company and was a seamless process thanks to the efforts of Terri Gervasi, Jennifer Le Chen, Javier Jefferson, Denzel Casanova, Frank Cruz, John Balassi, and their respective teams.
The seller was represented by a team of experienced brokers from WESTMAC Commercial Brokerage Company and Beitler Commercial, including T.C. Macker, Jennifer Moscoso, Colin Fields, and Willa McNamara-Fields. The buyer, 1723 Cloverfield, LLC, was equally represented by a team of seasoned professionals.
This sale marks a significant milestone in the Santa Monica real estate market, and the high-demand location, along with the large size of the building and land, made this a highly desirable property. 1723 Cloverfield Blvd has tremendous potential for future development, and the buyer has big plans for the property.
“We are thrilled to have been a part of this successful sale and to have represented the seller in this transaction,” said T.C. Macker, a broker at WESTMAC Commercial Brokerage Company. “1723 Cloverfield Blvd is a fantastic property with endless possibilities, and we know the buyer will make great use of it.”
This sale is a testament to the strength of the Santa Monica real estate market and the expertise of the brokers involved. 1723 Cloverfield Blvd will be a valuable addition to the buyer’s portfolio, and we are excited to see what the future holds for this property.