A Santa Monica office property located at 3205 Ocean Park Boulevard has been sold for $7 million, marking a significant real estate transaction in the Los Angeles area. The property, situated just north of Santa Monica Airport with convenient access to the 10 Freeway, spans approximately 16,700 square feet on a 25,622-square-foot lot.
The buyer, a developer active in the region, has proposed constructing a 100+ unit apartment building on the site, pending city approvals. This potential development could address the ongoing housing demand in the Santa Monica area and represents a strategic investment in urban housing infrastructure.
T.C. Macker of WESTMAC Commercial Brokerage Company, who represented the seller, emphasized the significance of the deal during a period of limited development opportunities. Macker noted that the transaction not only benefits the involved parties but also contributes to the community's growth and addresses the critical need for additional housing.
The sale was brokered by T.C. Macker, CCIM, and Woody Cook of WESTMAC Commercial Brokerage Company, with the buyer represented by Filip Niculete and Glen Scher of Marcus & Millichap.
This transaction highlights the continued resilience and potential of the Santa Monica real estate market, suggesting ongoing investor confidence in the area's development prospects.
