Daniel Pickart Represents Buyer In $103M Purchase Of Santa Monica Retail Property

The property involved in the transaction is located at 1351 3rd Street Promenade in Santa Monica. The asset type is a retail property with a total square footage of 185,000. The sale price of this property was $103,000,000, resulting in a price per square foot of $557.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $103,000,000
• Address: 1351 3rd Street Promenade
• Market: Santa Monica
• Seller: Donald Wood - Federal Realty Investment Trust
• Buyer's Rep: Daniel Pickart

The sale of eight buildings on Santa Monica's Third Street Promenade marked the end of Federal Realty Investment Trust's more than two-decade ownership of the properties. Following the sale, around a quarter of the Promenade's retail space is left vacant, with notable vacancies in the 1200 block.