Santa Monica Ocean Avenue retail sells to Unilev Capital
JLL Capital Markets completed the sale and financing of the property in a dense and affluent oceanfront location
LOS ANGELES, June 2, 2021 – JLL Capital Markets announced today that it has closed the sale of Waverly and Seychelle, a 19,708-square-foot oceanfront retail condo interest that is part of a larger, 158-unit condominium development project in downtown Santa Monica, California.
JLL marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management. Beverly Hills, CA-based, Unilev Capital purchased the asset led by Unilev’s investment team: Co-Founder and Managing Principal Raymond Levy, Chief Investment Officer Ian Konowitch and Associate Vice President Peter Berges.
“Waverly and Seychelle is irreplaceable real estate with high barriers to entry. We appreciated the opportunity to continue building our relationship with JLL with another purchase and financing under our belt,” said Levy.
Located at 1705 and 1755 Ocean Ave. in the heart of Santa Monica’s Oceanfront Retail corridor, the property is among an extensive array of restaurants, art galleries, high-end retail and more. It has exceptional visibility to 57,000 vehicles per day on Ocean Avenue and is centrally positioned in a highly dense and affluent Santa Monica neighborhood where average home prices surpass $1.66 million.
Completed in 2014, the retail property is 100% leased to the Hakkasan-backed Herringbone restaurant, Starbucks, BoxUnion and other quality food and beverage tenants. Additionally, the property is one of the few locations in Santa Monica with available onsite controlled parking.
The JLL Capital Markets team that represented the seller was led by Managing Director Bryan Ley and Directors Tony Ensbury and Tim Kuruzar. JLL also completed the acquisition financing for Unilev Capital and was represented by Managing Director Jeff Sause.
"Waverly and Seychelle has strong demand drivers of daily needs tenancy with food, coffee and health and wellness, and shows the continued demand of capital for high quality retail assets in coastal cities,” said Ley.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Unilev
Co-founded in 1993 by Raymond Levy, Unilev Capital Corporation is a privately held real estate investment firm that specializes in the acquisition of well-located, income producing commercial properties in the Western United States. Unilev typically focuses on core plus to value-add return profiles depending on the deal. Unilev Capital acquires properties through off-market and market-negotiated transactions that have ultimately resulted in an impressive track record for itself and its investors.
Unilev Management Corporation is a full-service management company providing integrated due diligence, asset management, property management, accounting and engineering services.
Unilev is headquartered in Beverly Hills, California with affiliated offices in Texas, Colorado and Minnesota. For additional information, visit www.unilev.com.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $163 billion in assets under management and more than 600 professionals (as of December 31, 2020), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from offices throughout the Americas, Europe and Asia Pacific, our 14 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information: jpmorganassetmanagement.com.