Blatteis & Schnur’s principal business specializes in the acquisition of 100% High Street properties in the top 20 urban retail markets in the United States. The firm has consummated over 35 transactions of premiere properties over the past 15 years in such diverse markets as Beverly Drive in Beverly Hills, Malibu, Union Square in San Francisco, Michigan Avenue and Lincoln Park in Chicago, Newbury Street in Boston, Walnut Street in City Center Philadelphia and Maui, Hawaii. Our professional expertise is best represented in the recent sale of 1415 Third Street Promenade in Santa Monica. Purchased in conjunction with capital partner ASB in late 2010 for $26M, the 35,000 square foot building was vacant at the time of acquisition, and had housed a 3-level Border’s Book Store. Immediately upon acquisition, an aggressive marketing campaign commenced and by Spring 2011, the entire building was leased to Apple for a flagship Los Angeles location, replacing an antiquated unit in an inferior block of the Promenade. Apple executed a 15 year lease at pro forma rent with demolishing the structure the only tenant construction requirement. The new building, projected to cost approximately $40M, would be Landlord owned. Apple opened its new iconic glass-cube edifice in December 2012. The building was sold for $58M in July 2012 while under construction within 22 months of acquisition, representing a record 3.4% cap rate.
Blatteis & Schnur remains focused in its endeavor to acquire the highest quality trophy retail assets nationally.