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

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

TRD LOS ANGELES /
Mar.March 15, 2016 04:00 PM

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.


Related Articles

arrow_forward_ios
The 5 priciest residential sales

Here are the 5 priciest resi sales in LA County last week

Clockwise from top left: 1155 Angelo Drive, 1116 Laurel Way, 613 N. Sierra Drive, 32453 Pacific Coast Highway and 705 N. Arden Drive (Credit: Redfin)

Beverly Hills dominates list of top resi sales in LA County last week

Space Investment Partners co-founders Mark Moshayedi and Ryan Gallagher with Westport Plaza (Credit: Connect California)

Playing small mall: New firm picks up shopping center in Costa Mesa

Lightstone’s Eugene Rozovsky, Neil Shekhter and a rendering of 1650 Lincoln Boulevard

Lightstone provides $44M loan to Shekhter-owned WS Communities

Pierce Brosnan and his new home in Santa Monica

“The world is not enough,” but for one former James Bond this Santa Monica pad is

Witkoff Group’s Steve Witkoff and a rendering of the project at 500 Broadway

Witkoff Group snags construction loan for Santa Monica luxury development

Universal Music Group CEO Lucian Grainge and a rendering of Colorado Campus Building B

Universal Music Group is expanding footprint at Colorado Campus office complex: sources

DH Holdings founder David Horenstein and Conejo Gateway

Local firm plans to expand Thousand Oaks retail plaza after $18M purchase

arrow_forward_ios