Third Street Promenade
— Santa Monica, USA
Third Street Promenade in sunny Santa Monica is one of the most popular shopping destinations in Southern California, enjoying over 40,000 daily visitors.
The site is currently under-utilised, with double the area allowable under current zoning. Meyer Bergman seized the opportunity to access a prime asset in a closely-held area to redevelop the site to accommodate twice the retail area. Not only would this result in double the rental income, the occupancy cost would be reduced at the same time, facilitating further rental growth without significantly affecting occupancy costs.
We are very pleased to make our first U.S. investment on the Third Street Promenade in Santa Monica, a fantastic location offering a quintessentially Pacific coast commercial and leisure destination. The opportunity to enhance both the physical property and the shopping experience while driving rental income, captures our multi-faceted approach to value creation.
Rob Provine, Senior Managing Director