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Article: Santa Monica Boulevard reconstruction spurs speculation. (Up Front).(Volkswagen of America Inc. buys SW corner of Little Santa Monica and Beverly Glen boulevards for $6.4 mn)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 19, 2003
- Author:
CopyrightCOPYRIGHT 2003 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Looking three years down the road, Volkswagen of America Inc. has purchased the property at the southwest corner of Little Santa Monica and Beverly Glen boulevards for $6.4 million.
The deal, at nearly $250 a foot for the 26,000-square-foot site, marks the latest in a series of investments that will bank on improvements now underway along Santa Monica Boulevard.
While office and retail tenants already have felt the effects of the $68.5 million Santa Monica Boulevard Transit Parkway Project, a few investors are maneuvering to be in place when the 2.5-mile reconstruction is completed, now scheduled for August 2005.
At least four investors, ...