The Real Deal Los Angeles

Cadence buys another development site in Santa Monica for $13.5M

Hollywood Gelson’s developer recently acquired Jerry’s Liquor site

March 15, 2016 04:00PM
By Hannah Miet

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3032 Wilshire

The development site at 3032 Wilshire Boulevard in Santa Monica

Cadence Capital Investments, the Colorado-based retail developer that is building a swanky Gelson’s in Hollywood and recently purchased the site of Jerry’s Liquor in Santa Monica, scooped up yet another L.A. development site.

It shelled out $13.5 million for a 9,370-square-foot former Bank of America branch building at 3032 Wilshire Boulevard in Santa Monica.

The site consists of two parcels and a large parking lot, totaling almost 30,000 square feet of land. It was marketed for redevelopment.

The seller, a joint venture between UDR and Cypress Equity Investments, acquired the property in 2012 for $10.8 million. Cadence’s recent purchase of the nearby Jerry’s Liquor site was also sold by a UDR partnership.

CBRE’S Alex Kozakov and Patrick Wade represented the seller and the buyer in the sale.

A two-tenant retail redevelopment project is proposed on the site, according to CoStar.