December 21, 2015
American Realty Advisors, based in Glendale, has acquired a mixed-use development on Santa Monica’s popular Third Street Promenade. Criterion on the Promenade features 30,046 square feet of retail and 22,935 square feet of offices, as well as 32 studio and one-bedroom apartments.
The building’s current tenants include Brookstone, Victoria’s Secret and WeWork, the shared office-space firm.
Gary Steinhardt, senior director of investments for American Realty Advisors, said that annual average income around the asset is $107,000, and the location bears extremely high barriers for entry coupled with high demand for office, retail, and residential.
A joint venture of Metropolitan Pacific Capital and Clarion Partners sold the property, and was represented by Christopher Hoffman and Rikki Keating of Eastdil Secured.