Partnership Between Centennial and Lincoln Completes its Fifth Acquisition with $20 Million Santa Monica Buy
- Jan 24, 2014
One of the most high-profile shopping locations in Santa Monica is about to get a boost as a deal was recently completed for one of its anchor properties. A joint venture between Lincoln Property Company and Centennial Real Estate has acquired a retail property for $20.5 million. The partnership will reportedly take the newly acquired property through an extensive renovation process that will add value to the asset.
The property was originally built as the dining anchor for the Third Street Promenade. The five-story building totals 27,000 square feet of space, some of which is currently occupied by major quick-serve fast food chains such as McDonald’s and Subway, a press statement shows. Fifty percent of the available dining space in the building was under contract at the time of the transaction.
Beginning with Q2 of 2014, the joint venture between Lincoln and Centennial will kick off a renovation process that would upgrade the dining space and bring a change in aesthetic, drawing inspiration from the marketplace motif. The process will also focus on transforming the top vacant levels into creative office space featuring open layouts and high ceilings. The move will cater to tech companies—since Santa Monica is a tech hotbed—with creative space being the most sought after by prospective tenants.
The acquisition is the fifth transaction to be carried out by the joint venture between Lincoln Property Company and Centennial Real Estate since it was created, three years ago. The partnership owns three other properties in the Santa Monica submarket, as well as an asset in Pacific Palisades.
Image courtesy of www.downtownsm.com