A commercial real estate transaction in Santa Monica could transform a local office property into a significant residential development, potentially addressing housing needs in the region. WESTMAC Commercial Brokerage Company has completed the $7 million sale of a property located at 3205 Ocean Park Boulevard, positioning the site for a proposed 100+ unit apartment complex.
The property, situated just north of Santa Monica Airport with convenient access to the 10 Freeway, encompasses approximately 16,700 square feet of office space and sits on a 25,622-square-foot lot. The buyer's proposed residential development is currently pending city approvals, which will determine the project's final scope and feasibility.
T.C. Macker, a principal at WESTMAC, emphasized the significance of the transaction during a challenging development market. The sale represents more than a simple property transfer, potentially contributing to Santa Monica's urban landscape and housing infrastructure. By facilitating this deal, WESTMAC aims to support community growth and address local housing demands.
The transaction involved key real estate professionals, including T.C. Macker and Woody Cook representing the seller, with Filip Niculete and Glen Scher of Marcus & Millichap representing the buyer. This collaboration highlights the complex negotiations and expertise required in commercial real estate transactions.
The proposed apartment development could have substantial implications for Santa Monica's housing market. With housing shortages affecting many urban areas, a 100-unit complex represents a meaningful contribution to residential inventory. The project's success will depend on navigating municipal approvals and meeting local housing development standards.
This sale underscores the ongoing investment and dynamism in Santa Monica's real estate market, demonstrating continued confidence in the area's economic potential despite broader market challenges. The transaction reflects a strategic approach to urban development, potentially transforming an existing office property into a residential asset that could serve community housing needs.
