Michael Sorochinsky Acquires Retail Center From Lorna Auerbach In Santa Monica
2031 Wilshire Boulevard & 2037 Wilshire Boulevard
$7,000,000
$1,111/SF
Building Size
6,298 SF
Asset Type
Retail
Closing
Jun 11, 2024
AI
The retail center located at 2031-2037 Wilshire Boulevard in Santa Monica was sold in an off-market transaction for $7,000,000. The property spans 3,149 square feet, with a price per square foot of $2,223. The sale was facilitated by Kennedy Wilson, with Christine Deschaine and Ed Sachse representing the brokerage. The buyer, Michael Sorochinsky of Cypress Equity Investments (CEI), acquired the property from the seller, Lorna Auerbach of Auerbach Realty Holdings.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,000,000
- Address: 2031-2037 Wilshire Boulevard
- Market: Santa Monica
- Square Footage: 3,149
- Buyer: Michael Sorochinsky - Cypress Equity Investments (CEI)
- Seller: Lorna Auerbach - Auerbach Realty Holdings
- Brokers: Christine Deschaine & Ed Sachse - Kennedy Wilson
The transaction also involved the future relocation plans for Noma Sushi, a long-time tenant at the retail center. This deal expands CEI's portfolio on the recently upzoned Wilshire Boulevard, marking a strategic acquisition for the buyer in Santa Monica's retail market.
Players
Santa Monica Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93