A biotechnology office building situated in a prime Santa Monica location has sold to a private investor for $9.25 million as part of a 1031 exchange brokered exclusively by Kidder Mathews. Executive Vice President Tanel Harunzade represented the buyer, while Senior Vice President Todd Davis, SIOR, CCIM, Executive Vice President Darrell Levonian, and Vice President Brittney McCarthy represented the seller, a family-owned private investment company.
The two-parcel property, built in 1962 and 1969, is located at 1701 Colorado Avenue and 1553 17th Street, 1.4 miles from the iconic Santa Monica Pier and the 3rd Street Promenade outdoor mall. It features around 9,886 square feet of fully leased biotechnology and creative building space on 15,000 square feet of land. It is near major area employers, including Oracle, Lionsgate Media Group, Universal Music Group, and Riot Games.
“This asset has been family-owned for generations. It’s in a premium central location, which falls into a mixed-use development zone, giving the buyer future development potential,” said Harunzade.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.