UPDATED: Apple Store In Santa Monica Sells For Record $100M
Storefront Sells For Whopping $5,700 PSF
August 14, 2014
New York-based investment company KLM Construction Corp. purchased the Apple retail store at 1415 3rd Street Promenade in Santa Monica, CA, for $100 million, or about $5,700 per square foot
Built in 2012, the single-tenant storefront retail building totals 17,550 square feet. Apple, Inc. currently occupies the entire property on a triple-net lease.
The seller, Jordache Enterprises, Inc., acquired the building two years ago for $60 million. The latest price per square foot paid for the property is a record for the West L.A. area, according to CoStar information.
Pedro Arroyo, David Kram and Laef Barnes of Arroyo & Company represented the buyer. The seller handled the off-market acquisition in-house. Please refer to CoStar COMPS #3082588 for more information on this transaction.
Editor's Note: This news report has been updated siince it was originally published to include the Arroyo & Company brokers who represented the buyer.