Santa Monica Whole Foods retail building sells for $54.25M
JLL Capital Markets completed the sale of the trophy single-tenant, net-lease building
NEWPORT BEACH, Calif., Jan. 6, 2022 – JLL Capital Markets announced today that it has closed the $54.25 million sale of Whole Foods Santa Monica, a 29,064-square-foot, single-tenant retail building triple net leased on a long-term basis to Whole Foods Market in the Los Angeles-area community of Santa Monica.
JLL marketed the property on behalf of the seller, Tooley Interests LLC. Deka Immobilien acquired the asset for its open-ended real estate fund, Deka-ImmobilienNordamerika, as its second investment on the West Coast.
The building, which Tooley acquired in 2013 and significantly renovated, has been occupied by Whole Foods since 2017. The trophy property is located at 2021 Cloverfield Blvd. in an irreplaceable location within Santa Monica and at the epicenter of technology and media within Silicon Beach. The area has become the primary location for technology, advertising and media information (TAMI) industries in Southern California.
Additionally, Whole Foods Santa Monica is less than a half mile from the 10 Freeway. This strategic last-mile location allows the tenant to fulfill delivery and click-and-collect orders and serves a dense and affluent population base of more than 283,000 residents within a two-mile radius and earning an average annual household income of $160,000.
“Since grocery stores are experiencing record sales, we were drawn to this stand-alone, single-tenant Whole Foods Market, as it is the perfect investment for a long-term investor,” said Driss Oualkadi, President Deka Immobilien in the USA. “This asset’s established and necessity-based footprint, combined with a long-term lease in the heart of Santa Monica, is an ideal example of the opportunities we seek to acquire as we enter into 2022.”
“The sale of Whole Foods Santa Monica demonstrates continued demand for net-lease real estate in strong locations with credit and a durable business,” Lvovich said. “Our unique process generated interest from national and global investors across product types.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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.
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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tooley Interests, LLC
Tooley Interests, LLC is a privately owned, fully integrated real estate development and investment firm focused on the acquisition, development, and long-term ownership of exceptionally well-located properties in California, Arizona, Idaho and Florida. The company is headquartered in Santa Monica, California. For further information, please contact firstname.lastname@example.org.
DekaBank is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). Together with its subsidiaries it forms Deka Group. With total customer assets of more than USD 417 billion (as at 30/06/2021) and more than 5 million securities accounts, DekaBank is one of the largest securities services providers and real estate asset managers in Germany. DekaBank is a wholly owned subsidiary of the German Sparkasse savings banks and forms an integral part of the Sparkassen-Finanzgruppe.
The Deka Group's global real estate expertise is pooled in its Real Estate Division. The management companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH provide management and support for around USD 49 billion in real estate assets (as at 31/12/2020).