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.