WESTMAC Commercial Brokerage Company has arranged the sale of a prominent downtown Santa Monica property located at 1231 4th Street for $3,044,250. The transaction involved a two-story building approximately 6,270 square feet in size, situated on roughly 6,007 square feet of land in a prime urban location. The property, previously functioning as a yoga studio, features high ceilings, multiple office spaces, and rear parking. An owner-user has acquired the building, which is strategically positioned one block from the renowned Third Street Promenade.
T.C. Macker, a key representative of WESTMAC, expressed enthusiasm about the transaction, noting the property represents a unique opportunity for the new owner to contribute to the neighborhood's vibrancy. The brokerage team involved in the sale included T.C. Macker, Willa McNamarra Fields, Mike Rago, Woody Cook, and Colin Fields. The buyer was represented by Grant La Spada and David Toomey of Cushman & Wakefield, demonstrating the collaborative nature of commercial real estate transactions. This sale underscores the continued activity and potential in Santa Monica's commercial real estate market, reflecting the ongoing transformation and economic resilience of urban commercial properties.
The importance of this transaction lies in its demonstration of sustained investor confidence in Santa Monica's commercial corridors, particularly for properties with adaptive reuse potential. The sale of 1231 4th Street, a property that previously served as a yoga studio, to an owner-user suggests a trend toward personalized commercial investments in urban centers. This move may signal a broader shift where businesses seek to establish long-term roots in high-traffic areas, contributing to neighborhood stability and economic diversity. The involvement of multiple brokerage professionals from WESTMAC and Cushman & Wakefield highlights the complex coordination required in commercial real estate, where specialized expertise drives successful outcomes in competitive markets.
Strategically, the property's location one block from the Third Street Promenade enhances its value, as proximity to this major retail and entertainment district ensures consistent foot traffic and visibility. This factor likely played a significant role in the $3 million-plus sale price, reflecting premium valuations for well-positioned urban assets. The transaction also illustrates the resilience of Santa Monica's commercial real estate sector, which continues to attract investment despite broader economic uncertainties. Properties like 1231 4th Street, with features such as high ceilings and rear parking, offer flexibility for various commercial uses, from retail to office spaces, making them appealing to diverse buyers.
Furthermore, the sale emphasizes the evolving nature of urban commercial properties, where former yoga studios or similar venues can be repurposed to meet changing market demands. This adaptability is crucial for maintaining the economic vitality of city centers, as it allows spaces to transition seamlessly between uses without prolonged vacancies. The acquisition by an owner-user, rather than an investor seeking rental income, suggests a commitment to active participation in the local economy, potentially fostering more sustainable business practices. As noted by WESTMAC representative T.C. Macker, such transactions contribute to neighborhood vibrancy, supporting a dynamic commercial environment that benefits both businesses and residents.
In summary, the sale of 1231 4th Street in Santa Monica for over $3 million is a significant indicator of the health and potential of the city's commercial real estate market. It showcases the strategic importance of location, the value of property adaptability, and the collaborative efforts of brokerage teams in facilitating complex transactions. This deal reinforces Santa Monica's appeal as a destination for commercial investment, driven by its urban amenities and economic resilience, setting a precedent for future activity in similar properties across the region.
