Santa Monica Office Building Sells for $7 Million, Potential Apartment Development Planned
A commercial real estate transaction at 3205 Ocean Park Boulevard signals potential residential development in Santa Monica, with a 100+ unit apartment project proposed on the site. The sale highlights ongoing investment in the region's real estate market.
WESTMAC Commercial Brokerage Company has completed a $7 million sale of an office property located at 3205 Ocean Park Boulevard in Santa Monica, California. The 16,700-square-foot building, situated on a 25,622-square-foot lot near Santa Monica Airport, has been sold to a developer with plans for a potential residential project.
The buyer is proposing to construct a 100+ unit apartment building, pending city approvals. This potential development could address housing needs in the area, reflecting the ongoing demand for residential spaces in the Santa Monica neighborhood.
T.C. Macker, a broker with WESTMAC, noted the significance of the transaction, emphasizing its potential contribution to community growth during a period of limited development deals. The property's strategic location, with easy access to the 10 Freeway, makes it an attractive site for redevelopment.
WESTMAC Commercial Brokerage Company, represented by T.C. Macker and Woody Cook, acted on behalf of the seller. The buyer was represented by Filip Niculete and Glen Scher of Marcus & Millichap.
The sale underscores the continued investment and dynamism in Santa Monica's real estate market, potentially signaling future residential development opportunities in the area.