SANTA MONICA, CA-A joint venture between Lincoln Property Co. and Centennial Real Estate has acquired a mixed-use property in the Third Street Promenade for $20.5 million. The buyers plan to spend and additional $4 million to renovate the property, which currently houses a food court, for fast-serve dining options and creative office space.

“We consider this acquisition a prime opportunity to help fill the shortage of fast-serve restaurant options and creative office space for the 50,000 people who visit this part of Santa Monica each day,” says David Binswanger, Lincoln Property Co. EVP. “We are very excited to commence construction and debut what promises to be a central gathering spot for local shoppers, employees and residents.”

The 27,000-square-foot, five-story property is 50% occupied on the two ground floors, where the food court is located. Two of the three remaining floors are also vacant. The buyer's renovations wills create open concept floor plans on those levels and ample natural light. The creative office space will target technology industries, which are abundant in Santa Monica.

Nearby, the City of Santa Monica plans to builda $300 million mixed-use building called the Plaza with office space, a 225-room hotel and 3-acres of green space covering multi-level platforms. Construction of the property will be complete in 2018.