NEWS & UPDATES 

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January 9, 2003 Santa Monica Market Update
FOR SALE
901 Colorado & 1631-1645 16th & 1630 & 1646 17th, Santa Monica listed  Office 38,500 sf on 2.47 acres & 31,452 on 1.57 acres.
1640 5th Street, Santa Monica.  30,000 sf office building. $7,350,000.00. 
Main Street  Pioneer Boulangerie site for sale for $27,000,000.  Entitlements in place for 130 Units and retail.
SOLD
501 Wilshire, SM -  50 x 150 lot with Polly's Pies as tenant. 5,000 sf restaurant now for lease for $4.50 NNN. 
8 unit apartment building at 3727 Watseka-Palms Area.   Craig Berrett, Senior VP Muselli Commercial Realtors represented the buyer.
3215 Pico Boulevard - Santa Monica Sold.  1500 sf on 2500 sf lot retail/office $440,000.00
6th & Broadway - SE corner (former bank) Sold. bought for development into retail and apartments.  Corner lot 15,000 sf.
517 Wilshire - Under Contract.  Double lot. 100 x 150 C-3 Zoning.  Currently occupied by single story retail building.  Former LoDeMar Bowling alley converted to many years ago to retail  Project slated is a multi story apartment complex with retail on the ground floor. 
FOR LEASE
MGM Plaza (Cloverfield and Colorado) dumps 250,000 sf on the market for lease.
501 Wilshire - Polly's Pies.  5,000 sf including patio.  $4.50 NNN
525 Broadway 3rd Floor office for sub-lease 12,000 sf former Berlitz Language Offices.
LEASED
501 Colorado - Santa Monica.  Tenant, Softscrip, lease 2150 sf for 3 years. Vince Muselli represented the tenant.
2200 Wilshire leased to Medical Group affiliated with Saint Johns.  Former Outdoor furniture store.
Circuit City Signs $21,000,000 20 year lease for the former Santa Monica Bank Headquarters at 4th and Arizona.  32,000sf building on 15,000 sf corner lot.  Effective rent is $2.73 over the 20 year term.
1354 Third Street Promenade, SM - Leased. 5,800 sf restaurant to Barney's Beanery.  Working with the City and Bayside District to obtain renewal of expired liquor license. Should open in 8 months after remodel.
632 Arizona - 1,000 sf leased 2nd floor of the Condon, Condon & Festa Law Building. Jim Keyes of Muselli Commercial Realtors represented the Lessor and Lessee.
PENDING PROJECTS
SE Corner of Stewart & Colorado being developed into 150 Units.  LMSD zoning.  shooting for 2004 requires general plan amendment.
6th & Broadway - SE corner (former bank) Sold. bought for development into retail and apartments.  Corner lot 15,000 sf.
Planning Commission/Architectual Review Board/Zoning Administrator/City Council Actions
Santa Monica Planning Commission turns down construction of 74,940 sf three story commercial building with 300 parking spaces on the northwest corner of 2nd & Colorado.  The site is currently occupied by a 2,900sf McDonalds with 62 surface parking spaces.  Plans were for a 4,200 sf McDonalds restaurant+ 664 sf patio with 48,332 sf on the second and third floors.
Douglas Emmett The Planning Commission turned down their request to eliminate the current requirement for an on site gas station at 808 Wilshire and replacing it with retail or office.  
The Santa Monica Landmarks Commission has declared a tree at 918 5th Street a Historic Landmark. The site was slated for redevelopment into condominiums
Santa Monica Planning Commission approves 3 story six unit condominium at 1415 16th Street and a Conditional use permit for 1944 Pico Boulevard for conversion of three auto bays into retail mini-market to be operated with the gas station.
OTHER NEWS
Fairmont Sheraton Miramar explores going hi rise on a portion of the property.
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Contact us by email at muselli@muselli.net
Please note that the information provided above is from information we deem reliable but not guaranteed.  Unless stated to the contrary Muselli Commercial Realtors was not involved as a broker in any of the above transactions.