RingerBenson Brokers Sell Santa Monica Mixed-Use Property For $24.5M

A mixed-use property located at 1404-1408 3rd St. Promenade in Santa Monica has been sold for $24.5 million. The transaction took place on January 30, 2019, and was brokered by Richard Ringer and Jeff Benson of RingerBenson. The property spans 14,594 square feet, resulting in a price per square foot of $1,678. The property has a capitalization rate of 1.71%.

Summary of transaction details

• Property Type: Mixed-Use
• Transaction Amount: $24.5 million
• Address: 1404-1408 3rd St. Promenade, Santa Monica
• Market: Santa Monica
• Brokers: Richard Ringer & Jeff Benson - RingerBenson
• Square Footage: 14,594
• Price per Square Foot: $1,678
• Capitalization Rate: 1.71%

Jeff Benson and Richard Ringer of RingerBenson represented the parties involved in the transaction.