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Deka Immobilien has acquired a single-tenant retail property in Santa Monica for $54.25 million from Tooley Interests LLC. The 29,064-square-foot property is fully occupied by a Whole Foods grocery story. Deka Immobilien acquired the property through its fund Deka-ImmobilienNordamerika, and the transaction is its second purchase on the West Coast.

The sale is a quintessential example of the investor demand for retail product. Over the last two years—as a result of the ongoing pandemic—grocery stores are experiencing record sales. According to Driss Oualkadi, president Deka Immobilien in the USA, the trend is what attracted the company to this Whole Foods-occupied single-tenant property. “This asset’s established and necessity-based footprint, combined with a long-term lease in the heart of Santa Monica, is an ideal example of the opportunities we seek to acquire as we enter into 2022,” he said in a statement.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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