(EDITOR’S NOTE: According to a source familiar with the transaction, the property sold for $10 million, or approximately $507 per square foot.)
LOS ANGELES – JLL Capital Markets announced today that it has closed the sale of Waverly and Seychelle, a 19,708-square-foot oceanfront retail condo interest that is part of a larger, 158-unit condominium development project in downtown Santa Monica, California.
JLL marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management. Beverly Hills, CA-based, Unilev Capital purchased the asset led by Unilev’s investment team: Co-Founder and Managing Principal Raymond Levy, Chief Investment Officer Ian Konowitch and Associate Vice President Peter Berges.
“Waverly and Seychelle is irreplaceable real estate with high barriers to entry. We appreciated the opportunity to continue building our relationship with JLL with another purchase and financing under our belt,” said Levy.
Located at 1705 and 1755 Ocean Ave. in the heart of Santa Monica’s Oceanfront Retail corridor, the property is among an extensive array of restaurants, art galleries, high-end retail and more. It has exceptional visibility to 57,000 vehicles per day on Ocean Avenue and is centrally positioned in a highly dense and affluent Santa Monica neighborhood where average home prices surpass $1.66 million.
Completed in 2014, the retail property is 100% leased to the Hakkasan-backed Herringbone restaurant, Starbucks, BoxUnion and other quality food and beverage tenants. Additionally, the property is one of the few locations in Santa Monica with available onsite controlled parking.
The JLL Capital Markets team that represented the seller was led by Managing Director Bryan Ley and Directors Tony Ensbury and Tim Kuruzar. JLL also completed the acquisition financing for Unilev Capital and was represented by Managing Director Jeff Sause.
“Waverly and Seychelle has strong demand drivers of daily needs tenancy with food, coffee and health and wellness, and shows the continued demand of capital for high quality retail assets in coastal cities,” said Ley.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
