Updated Oct 25, 2024
Scott Walter Acquires Development Site In Santa Monica For $40M
1723 Cloverfield Boulevard
$40,000,000
$677,966/SF
Building Size
59 SF
Asset Type
Development Site
Closing
Jan 2, 2023
About this deal
AI
A development site located at 1723 Cloverfield Boulevard in Santa Monica has been sold for $40,000,000. The property spans a total of 59,159 square feet, resulting in a price per square foot of $676. The transaction took place on February 1, 2023, involving the buyer, Scott Walter, and the seller, Michael Savoy.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $40,000,000
- Address: 1723 Cloverfield Boulevard
- Market: Santa Monica
- Lot Size: 59,159 square feet
- Price per Square Foot: $676
The deal was facilitated by several brokers. T.C Macker, Jennifer Moscoso, and Colin Fields from WESTMAC Commercial Brokerage Company represented the buyer, Scott Walter, while Willa Fields from Beitler Commercial Realty Services represented the seller, Michael Savoy.
On the Map
$40,000,000
$677,966/SF
Development Site
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Players
Santa Monica Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93