Updated Mar 5, 2025
Sundar Pichai Of Google Leases Retail Store At 1460 3rd Street Promenade In Santa Monica
1460 3rd Street Promenade
Building Size
—
Asset Type
Retail
Closing
Mar 4, 2025
About this deal
AI
The asset involved in the transaction is a retail property located at 1460 3rd Street Promenade in Santa Monica. The property is part of a market that is focused on enhancing the retail experience in the area, with the tenant poised to introduce innovative product offerings.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 1460 3rd Street Promenade
- Market: Santa Monica
- Tenant: Sundar Pichai - Google
In this lease transaction, Sundar Pichai, representing Google, is set to open the company’s first Southern California retail store on March 7. This move is part of a strategic initiative to contribute to the revitalization of downtown Santa Monica's retail sector, alongside the introduction of other new concepts in the shopping district.
On the Map
Retail
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Santa Monica Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93