Fully Leased Mixed-Use Center Commands Nearly $19M

SANTA MONICA, CA-Ten West Wilshire LLC has acquired a 36,535-sf mixed-use retail and residential building in this city's Downtown for $18.7 million in a 1031 exchange, according to Madison Partners. Mitch Stokes of Madison Partners, who represented both the buyer and seller Tides Building LLC, reports that the property was fully leased at the time of the sale.The building was completed in 2003 and is located a block from the Third Street Promenade. The three-story building includes retail on the first and second stories, with six townhouse-style apartments on the third floor. The retail tenants include Leonidas Chocolates, Lululemon Athletica and the Burke Williams Spa.The Santa Monica property was one of two fully leased centers in Los Angeles County to trade recently. The other was the 28,110-sf San Dimas Town Center in San Dimas.Brad Umansky of Sperry Van Ness in Ontario reports that Rowland Heights-based San Dimas Town Center LLC bought the property from Tustin-based Marketplace Properties for $7.25 million. Umansky represented the seller.San Dimas Town Center is at 124, 144 and 156 E. Bonita Ave., near the 57 Freeway. The shopping center is a three-building property that was built in 2004 and is occupied by a number of national and local tenants.The buyer, represented by Josh Caruana of Marcus & Millichap, assumed a conduit loan at 47% of loan to value and a 5.5% interest rate. The property includes an Albertsons supermarket that was not part of the sale.