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.