Daniel Negari Of XYZ.rent Acquires Retail Property From Christian Goebel For $16.3M In Santa Monica
402 Santa Monica Boulevard
$16,300,000
$326/SF
Building Size
50,000 SF
Asset Type
Retail
Closing
Jan 10, 2026
AI
This retail property transaction involved the sale of a vacant two-story retail property located at 402 Santa Monica Boulevard in Santa Monica. The property encompasses a total area of 50,000 square feet and was sold for $16,300,000, reflecting a price per square foot of $326.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $16,300,000
- Address: 402 Santa Monica Boulevard
- Market: Santa Monica
- Buyer: Daniel Negari - XYZ.rent
- Seller: Christian Goebel - Manova Partners
- Broker: Eastdil Secured
- Square Footage: 50,000
- Price per Square Foot: $326
Daniel Negari, representing XYZ.rent, purchased the property from Christian Goebel of Manova Partners. The transaction, occurring on January 10, 2026, marks one of the highest retail transactions in Santa Monica in 2025, despite being nearly 50% less than its prior sale. The buyer aims to attract experiential tenants with flexible lease terms to enhance foot traffic and contribute to the area's retail and entertainment resurgence.
Players
Santa Monica Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.97%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93