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
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.
Players
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