Santa Monica, Calif. — A joint venture between Tova Capital and Shopton Capital has acquired a 7,500-square-foot freestanding retail building in downtown Santa Monica for $5.5 million. Situated at the intersection of Wilshire and Lincoln Boulevards, the single-story building sits on a 15,000-square-foot corner lot. The joint venture plans to renovate the property — which was originally developed in 1981 — with a new storefront, exterior enhancements, lighting upgrades and refreshed paint. The property was 40 percent leased to Commercial Bank of California at the time of sale.
Luc Hawkshaw, Eric Mandell and Jeffrey Ahn of Ally Commercial Real Estate represented Tova Capital in the transaction. Ryan Gurman of CBRE will handle leasing negotiations at the property.