A retail building located at 801-805 Wilshire Boulevard in Santa Monica was acquired for $5,500,000. The property measures 7,500 square feet, resulting in a price per square foot of $733. The asset has 40% leased space occupied by the Commercial Bank of California, with plans for renovations to fill the remaining spaces as the local retail environment improves.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $5,500,000
• Sale Price per Square Foot: $733
• Square Footage: 7,500
• Address: 801-805 Wilshire Boulevard
• Market: Santa Monica
• Buyer: Ron Harari - Tova Capital; Shopton Capital
• Brokers: Luc Hawkshaw, Eric Mandell & Jeffrey Ahn - Ally Commercial Real Estate

The joint venture of Tova Capital and Shopton Capital, represented by Ally Commercial Real Estate, seeks to enhance the property after acquiring it. Ryan Gurman from CBRE will oversee leasing efforts for the space not currently occupied.