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Thursday, Mar 28, 2024

Glendale Firm Buys Santa Monica Center

American Realty Advisors has acquired the Criterion on the Promenade, a mixed use property in Santa Monica, the company announced Tuesday. The Glendale investment manager of commercial real estate did not disclose purchase terms or price. Criterion, located at the corner of Arizona Avenue and Third Street Promenade, has 30,046 square feet of retail, 22,935 square feet of office space, and 32 studio and one-bedroom apartments. Major tenants include Victoria’s Secret and Brookstone. “Criterion is located in an area characterized by extremely high barriers to entry, very attractive demographics, and strong demand from retail, office and residential tenants,” Gary Steinhardt, American’s senior director of investments, said in a statement. The seller was Criterion Santa Monica LLC, a joint venture between Metropolitan Pacific Capital and a fund managed by Clarion Partners.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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