American Realty Advisors Goes Shopping in Los Angeles
- Jan 11, 2016
By Ioana Neamt, Associate Editor
Santa Monica, Calif.—American Realty Advisors has recently expanded its portfolio with the addition of Criterion on the Promenade, a high street mixed-use asset in the heart of downtown Santa Monica, Calif.
American acquired Criterion on the Promenade from seller Criterion Santa Monica LLC, a joint venture between Metropolitan Pacific Capital and an opportunistic commingled fund managed by Clarion Partners. The seller was represented by Christopher Hoffman and Rikki Keating of Eastdil Secured.
Located on the southeast corner of Third Street Promenade and Arizona Avenue in downtown Santa Monica, Criterion on the Promenade offers convenient access to a plethora of upscale retail and entertainment destinations. American’s acquisition includes 30,046 square feet of retail space, 22,935 square feet of office space, and 32 studio and one-bedroom apartments. Criterion is home to major tenants such as Victoria’s Secret, Brookstone and WeWork. Originally built in the 1920s as a movie theater, the property was renovated in the 1980s and in 2015.
“Downtown Santa Monica remains a dynamic and sought-after area for office space by leading firms in the TAMIE industries,” Gary Steinhardt, American Realty Advisors’ senior director of investments, said in a statement. “Criterion’s location, which is proximate to the area’s most visited destinations, including Santa Monica Place Mall, Civic Center, Palisades Garden Walk, and the future Metrolink station located at 4th Street and Colorado Avenue, is irreplaceable.”