LAND IS SELLING AT $19,230,000 PER ACRE IN SANTA MONICA
Congratulations to all who own land west of the 405 freeway…prices are still escalating. You your portfolios are still rocking!
CoStar.com Commercial Real Estate Information Service reports that Randall Miller of Arnon Development Group purchased a .69-acre parcel in Santa Monica from Arnold Porath of Spruce Realty Group for $13.25 million, or about $19.23 million per acre.
Miller plans to build a three-story, 50,000-square-foot medical center on the $30,000 s.f. parcel located at 1223 16th St. across from the new UCLA hospital, just south of Wilshire Blvd.
Previously, the property held a multi-family building with 3,534 SF of rentable building area. No one tried to landmark the site, and apparently there are no questionable trees located there, so there were no societal obstacles to hold up the sale.
Miller is already working with the gracious planning department for the City of Santa Monica to obtain approvals and permits for the proposed building. The ground break is scheduled to commence in the second quarter of 2009. No word yet on how environmentally friendly the property will be…but we’re hoping for an LEED certified building so SM holds to their Net Zero by 2020 vision (without supplying subsidies).
Those in the know say the building will feature surgery, imaging, outpatient, clinical and medical laboratory capabilities and subterranean parking. Medical buildings requires 1 parking space for every 350 sq.ft. of medical space. The completion date is scheduled for 2Q 2010.
This off-market transaction was the downleg in a 1031 exchange for the seller.
Anyone who ones an acre of land in Santa Monica, we want to honor you. Please let us know (firstname.lastname@example.org) – so we can applaud you.