SANTA MONICA, Calif.--(BUSINESS WIRE)--The Festival Companies has acquired the Keller Block Building, located at the corner of Broadway & Third Street Promenade.
The three-level, approximate 22,000 square foot historical landmarked building has traded for the first time in over 100 years. Currently, the building is programmed with retail on the ground level and two levels of creative office space.
The Festival Companies intends to renovate the property and re-lease with flagship retailers and restaurants including plans for a new rooftop dining venue with a backdrop to the Pacific Ocean and Santa Monica’s illustrious hotels, restaurants, and shops.
“We believe in the revitalization of the Third Street Promenade,” said Jonathan Schurgin, Chief Investment Officer of Festival. “This asset is located at the best intersection on the promenade and is a great opportunity for Festival to take this asset to the next level,” added Schurgin.
ABOUT THE FESTIVAL COMPANIES:
The Festival Companies is a privately held full-service real estate developer, owner and operator of street retail, shopping centers and mixed-use projects throughout the continental U.S. and Hawaii. Festival specializes in adding value to real estate opportunities, with a 40-year track record in creating strategic investments by transforming real estate into successful retail and mixed-use destinations.
For more information:
Website: Festivalcos.com
Social: @TheFestivalCompanies
