Pico Santa Monica Group LLC Purchases Retail Property Leased To Jiffy Lube In Santa Monica For $4.05M

A 4,600-square-foot retail property leased to Jiffy Lube at 2344 Pico Boulevard in Santa Monica has been sold for a total consideration of $4,050,000. The property reflects a price per square foot of $880 and has continuously attracted attention in the market due to its strategic location and reliable tenant, realizing a 4.75% cap rate at the time of the transaction.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $4,050,000
• Square Footage: 4,600
• Address: 2344 Pico Boulevard
• Market: Santa Monica
• Buyer: Pico Santa Monica Group LLC
• Broker: Joseph Gabbaian - NAI Capital Commercial
• Annual Income: $165,474
• Previous Purchase Price: $2,150,000 (2012)
• Cap Rate: 4.75%

Joseph Gabbaian of NAI Capital Commercial represented the seller in this transaction, reflecting significant appreciation since its prior acquisition. This deal is indicative of the growing interest in retail spaces anchored by reputable tenants in competitive markets.