WESTMAC Commercial Brokerage Company has successfully arranged the sale of a prominent office property located at 3205 Ocean Park Boulevard in Santa Monica, California, for $7 million. The transaction involves a 16,700 square foot office building situated on a 25,622 square foot lot, strategically positioned north of Santa Monica Airport with convenient access to the 10 Freeway. The property was sold to a developer with active interests in the region who has proposed constructing a residential complex featuring over 100 apartment units. However, the proposed development remains contingent upon obtaining necessary City approvals.
T.C. Macker, a key broker involved in the transaction, emphasized the significance of the sale during a period of limited development opportunities. Macker noted that the deal not only benefits the buyer and seller but also contributes to the growth and vitality of the Santa Monica community. The sale was facilitated by T.C. Macker, CCIM, and Woody Cook of WESTMAC Commercial Brokerage Company, who represented the seller. The buyer was represented by Filip Niculete and Glen Scher from Marcus & Millichap.
This transaction underscores the continued investment and development potential in Santa Monica's real estate market, particularly in response to the region's ongoing housing needs. The proposed apartment complex, if approved, could potentially address housing demands in an area known for its dynamic urban landscape. The sale of this property matters because it represents a strategic shift from commercial to residential use at a time when California faces significant housing shortages. Such conversions can help optimize land use in densely populated urban corridors like Santa Monica, where available space for new construction is extremely limited.
The implications of this announcement extend beyond the immediate transaction value. Successful redevelopment of this site would add to the housing inventory in a high-demand market, potentially easing some pressure on rental prices and providing more options for residents. Furthermore, it signals investor confidence in Santa Monica's long-term growth despite economic uncertainties, encouraging similar projects that could transform underutilized commercial properties into much-needed residential units. The involvement of established brokerage firms like WESTMAC Commercial Brokerage Company and Marcus & Millichap highlights the professional coordination required for such significant real estate transitions, ensuring that both sellers and buyers navigate complex market conditions effectively.
Ultimately, this sale reflects broader trends in urban development where adaptive reuse of existing properties becomes crucial for sustainable growth. As cities grapple with housing crises, transactions like this demonstrate how private market activity can align with public needs, though success depends heavily on municipal approval processes. The outcome will be closely watched by developers, policymakers, and community members alike as a potential model for addressing housing challenges through strategic real estate investment and redevelopment.
