Beverly Hills investors pay $30M for
Santa Monica’s Adidas building

The Third Street Promenade property also home to Burn Fitness

TRD LOS ANGELES /
Jan.January 11, 2018 05:00 PM
Property at 1231-1233 Third Street Promenade (CBRE)

A joint venture between Golden West Properties and Starpoint Properties paid $30.3 million to San Diego Promenade Investors to acquire the Adidas and Burn Fitness building at 1231-1233 Third Street Promenade in Santa Monica.

Adidas, which is moving to a smaller location on the Promenade, currently leases 20,000 square feet of the 30,000-square-foot building. Fitness studio Burn Fitness’ lease expires soon, according to a CBRE release announcing the deal.

Once that lease expires, the private partnership plans to subdivide the ground-floor retail and repurpose the building for creative office space.

CBRE’s Orbell Ovaness brokered the deal.

Golden West already owns the Santa Monica Medical Plaza nearby, as well as several shopping plazas in Beverly Hills, Marina del Rey, Encino and West Hollywood. Its partner, Starpoint Properties, focuses on developing multifamily and commercial properties, according to its website.

Repurposing existing buildings is happening all over Santa Monica. Seritage Growth Properties is carrying out a $50 million Sears project, slated to deliver creative offices and a beer garden.


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

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

Starwood Capital Group CEO Barry Sternlicht and Lantana campus (Credit: Getty Images and Ehrlich Yanai Rhee Chaney Architects)

Starwood Capital set to buy part of Lantana office campus for $220M: sources

Gettleson, Witzer and O’Connor Managing Executive Randal O’Connor and a rendering of the project

Creative office craze continues with plans for new Santa Monica project

arrow_forward_ios