Local real estate investment and development firm Tova Capital, Inc., in joint venture with Shopton Capital, has acquired a 7,500-square-foot, freestanding retail building at 801-805 Wilshire Blvd. in downtown Santa Monica for $5.5 million. The seller was not disclosed.
Originally developed in 1981, the single-story building sits on a 15,000-square-foot corner lot at the signalized intersection of Wilshire and Lincoln boulevards with exposure to 50,000 drivers per day. Downtown Santa Monica is currently undergoing a retail resurgence following a difficult leasing environment post-COVID, according to Tova founding partner Ron Harari.
“The ability to acquire a freestanding building with surface parking in downtown Santa Monica is rare, especially at such a highly visible signalized corner and at a historically low land basis,” said Harari.
At closing, the property was 40% leased to Commercial Bank of California. The Tova-led JV plans upgrades including new storefront, exterior lighting upgrades, paint and façade enhancements.
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