J.P. Morgan Asset Management-Global Real Assets has purchased 20k sf of multi-tenant retail located at the base of an oceanfront mixed-use development in Santa Monica. The asset was sold by Related California in an off-market transaction.
Located at 1705 and 1755 Ocean Ave, just north of Pico Blvd, the retail portion is currently 85 percent leased to a variety of lifestyle and food service tenants.
The new owner, JP Morgan-advised institutional investors, have engaged BrandView Capital Partners, a Santa Monica-based commercial real estate investment, management, and advisory firm, to provide owner’s representation services for the property. Global retail real estate services firm JLL has been retained to provide accounting and property management services.
BrandView Capital Partners worked with Hanley Investment Group Senior Vice President Carlos Lopez in the purchase transaction. The price was not disclosed. BrandView will provide strategic oversight on behalf of J.P. Morgan Asset Management’s clients at the local level.