T
ova Capital, a Westwood-based real estate investment firm, has partnered with Shopton Capital to purchase a 7,500 square-foot retail building in downtown Santa Monica for $5.5 million. The property, located at 801-805 Wilshire Blvd., boasts on-site parking and high visibility, with approximately 50,000 drivers passing by daily.

    According to Tova Founder Ron Harari, now is the ideal time to invest in Santa Monica's retail market, citing positive signs from new leases secured by Fogo de Chão, Din Tai Fung, and Google. "We're excited to acquire a rare free-standing building with surface parking at a historically low land basis," Harari said.

    The property currently has 40% of its leasing space occupied by the Commercial Bank of California, while the remaining 60% is vacant. Tova plans to revamp the building through upgrades and renovations, including a new storefront, exterior lighting, and façade changes. Harari estimates these improvements will take six months to complete and expects the building to be fully leased within the first six months of ownership.

    The free-standing retail structure offers several advantages, including ease of accessibility and enhanced visibility, which provide tenants with creative freedom to establish their brand identity. "This unique building type allows tenants a blank canvas to showcase their brand – unlike being part of a multifamily complex," Harari said.