Daniel Negari Purchases Retail Space At 1355 3rd Street Promenade For $16.75M From Robert Rehz
SOLD
$16,750,000
+ 1
California
See Similar DealsRetail33,393 SF
Sold
SOLD
Daniel Negari Purchases Retail Space At 1355 3rd Street Promenade For $16.75M From Robert Rehz
1355 3rd Street Promenade
See Similar DealsRetail33,393 SF
Sold
+ 1
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$501
Total Square Footage:33393 SF
Transaction Type:Sale
This retail property, located at 1355 3rd Street Promenade in the Santa Monica market, has been sold for a transaction amount of $16,750,000. The asset encompasses a total of 28,480 square feet, translating to a price per square foot of $588.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $16,750,000
- Address: 1355 3rd Street Promenade
- Market: Santa Monica
- Seller: Robert Rehz
- Buyer: Daniel Negari
- Seller's Representatives: Jake Zacuto, Jackie Lubrano & Benjamin Khoubian - Zacuto Group
The transaction involved key individuals including buyer Daniel Negari, who acquired the retail asset, and seller Robert Rehz, who divested the property. The seller was represented by Jake Zacuto, Jackie Lubrano, and Benjamin Khoubian from the Zacuto Group, facilitating the process of the sale.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$893,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$59,509.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$79,403.55
Annual Debt Service$952,842.55
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