Tenant Apple Shines in DealFriday, August 8, 2014
The global appeal of Santa Monica’s Third Street Promenade and the cachet associated with Cupertino tech giant Apple Inc. has made for another jaw-dropping real estate deal.
Two years after the glass-clad Apple store on the promenade sold for what was considered an eye-popping $60 million, it has sold again for even more. Bridgton Realty, a private family real estate business in New York, late last month purchased it for $100 million.
That means the 17,550-square-foot retail box sold for about $5,700 a foot, a record for a retail property in West Los Angeles. Just three other retail properties in the county – all on tony Rodeo Drive in Beverly Hills – have sold for a higher price per foot.
Read the full story in the Aug. 11 weekly edition of the Business Journal.