A 19,850 square foot commercial building in downtown Santa Monica could serve a potential owner user or for creative office or medical office space after it was recently placed on the market. A property listing for the building from Zacuto Group Commercial Real Estate shows the property is currently available for sale for $16.495 million, or approximately $831 per square foot.
Located at 1460 7th St.., the building is currently owned by The Stone Family Trust, according to public documents, and is referred to as The Torcello. The building offers unique creative spaces as well as an atrium, balconies throughout and parking for up to 48 vehicles.
At approximately 80 percent occupied, the building is home to a number of medical office users. According to the marketing brochure, the property can also be delivered with a 70 percent vacancy rate by the close of escrow.
The property is also just steps away from the Santa Monica Pier and Beach and surrounded by various retail amenities. Transportation to the rest of the Greater Los Angeles area is also provided through nearby Santa Monica Boulevard as well as Interstate 10.
In the past year, Santa Monica has seen several commercial properties trade hands. In one recent deal, Los Angeles-based Redcar Properties purchased the Meridian Building, a 24,062 square foot building at 1448 15th St. The property was sold by DPI Retail for $17.9 million.
Additionally, a mixed office and residential property located at 1617 Broadway was sold for $9.25 million. Totaling 15,110 square feet, the property consists of a penthouse, four live/work units at the ground floor level and creative office space on the second and third floors.
