Blatteis & Schnur Inc. has purchased a mixed-use building in downtown Santa Monica for $24.5 million, Marcus & Millichap announced Feb. 21.

Marcus & Millichap’s Richard Ringer and Jeff Benson represented the buyer and the seller, a private individual.

“The building is located on the most desirable block of the world-famous Third Street Promenade, a pedestrian-only outdoor shopping district that has become one of the major tourist attractions in Southern California,” Ringer said in a statement.

Sam Brownell, principal at Blatteis & Schnur, said the group would redevelop the property once the current tenants move out but was still “evaluating what direction to take.” Retail will remain on the ground level, he said.

The building, at 1404 to 1408 3rd St., is 14,594 square feet. Lush and Chilli Beans are currently on the ground floor with office space above.

“At the time of the sale, the building was fully occupied, and with a majority of the leases turning within the next several months, the new owner has a great opportunity to reposition the property through renovations and re-tenanting,” Benson said in a statement.

Blatteis & Schnur has been given a $17.585 million acquisition loan for the building, HFF announced Feb. 20.

HFF’s Marc Schillinger and Paul Brindley secured the loan on behalf of Blatteis & Schnur.

The company declined to disclose who provided the loan.

Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans