The last time I can remember this much turn-over was when our Pence Hathorn Silver team merged with Partners Trust back in 2010. When we were considering our various lease options, there were a dozen properties to choose from. A few months later, by the time we were ready to move, all the best Montana Ave properties were gone.
We ended up lucky to get into temporary space on the south side of the street near Euclid while we waited for our dream location, where we are now, to become available at 1333 Montana Ave. Having had an office on Montana since 1998 I have seen many stores come and go. The most dramatic change has been the proliferation of nail salons on the street. (Yuk).
Many of my friends and clients call or stop in and ask me what is going on. They want to know prices and how these stores stay in business. Sadly, and obviously, some don’t.
So what’s up with all the available retail space?
1134 Montana Ave: Lisa Norman Lingerie has been in business on the street since 1978, is closing, the owner is having a huge “fire sale” until Saturday the 7th. (Literally a fire sale. The fire damaged much of the building a few months ago and realtor Red Erikson died there, likely from smoke inhalation).
910 Montana Ave: retail space Cristina Lynn boutique opened in the spring of 2011 but was no longer in business in the fall of 2013. Approx. 765 sq. ft. listed at $4,705 per month.
1109 Montana Ave: Scribble Press moved to a new location in Encino, the space has been available since last summer. Approx. 1,225 sq. ft. listed at $6,738 per month.
625 Montana Ave: 2 spaces available next to Chase Bank, formerly the Blockbuster Video store, this has been available for several years. Approx. 1,260 or 1,800 sq. ft. listed for $5.75+ per foot a month.
1524 Montana Ave: Montana Ave Jewelers has been at this location since 1999. Approx. 776 sq. ft. listed at $4,850+ per month.
1021 Montana Ave: Pom Pom Interiors closed all their stores including the Santa Monica, Hollywood and Beverly Hills locations after being in business for over 20 years. They are now an online wholesale company. The space is approx. 1,225 sq. ft. for $6,000 per month.
1518 Montana Ave: The street’s newest pizza place, Brico LA closed indefinitely on May 1st after only 2 years on the street.
1318 Montana Ave: Formerly Jonathan Adler moved to the Santa Monica Place. This space has been available for quite some time.
729 Montana Ave: Creative office space above Massage Envy. Approx. 1,399 sq. ft. listed at $7,988.29 per month.
1502 Montana Ave: Creative Office Space available on the 2nd floor. Approx. 1,568 sq. ft. listed at $6,460.16 per month.
1426 Montana Ave: Yogurtland, closed suddenly after a major remodel, it was only open for business less than a year and abruptly closed without even notifying the employees. The space, however, has recently leased. We heard that high-end leather goods M0852 is coming in.
Montana rents average about $7 per sq. ft. including the +++ (triple net) charges.
If you think that is high, consider Abbott Kinney right next door in Venice for $10/ft. And if you are looking for a relative bargain, leases on Wilshire go for about $5.00/ sq. ft.
What store(s) or services would you most like to see on Montana Ave? (Don’t say nail salons please!)
Here is your up to the minute real estate market info:
There are 16 homes available to buy North of Montana Avenue with 2158 La Mesa hitting the market this week and 345 21st St getting relisted. There are 8 homes in escrow. Closed sales have gone up to 22 homes year-to-date with 121 Esparta Way and 703 12th St closing.
New Listings this Week
2158 La Mesa Dr. – 6bd + 7ba. $6,995,000. 1920’s Spanish. Over 6,300 sq. ft. but needs a significant renovation. This property backs up to San Vicente and was last sold in November 2007 for $6,332,000.
345 21st St. – 6bd + 10ba. $6,500,000. RE-LISTED. Beautiful Italian villa with full basement and luxury hotel style backyard w/saline pool. Enormous 7,400 sq. ft. of interior space. We sold this in September 2012 for $5,120,000.
No New Sales this Week
Closed Deals this Week
121 Esparta Way– 3bd + 2ba. $3,895,000. Sold in one day, $100K above asking price.
703 12th St.– 5bd + 5ba. $3,506,500. Originally listed for $4 million (seemed way too high to me at the time. It was purchased in 2010 for $2.8M).
Pence Hathorn Silver Active Properties:
502 16th St. – 5bd + 7.5ba – $8,495,000
168 S. Medio Dr. – 5bd + 3.5ba – $3,595,000
143 Foxtail Dr. – 4bd + 3.5ba – $3,095,000
12727 Sunset Blvd. – 4bd + 4.5ba – $2,395,000
844 17th St. #102 – 2bd + 2ba – $1,795,000
416 Entrada Dr. – 3bd + 1.75ba – $1,450,000
2512 28th St. #106 – 4bd + 3.5ba – $1,250,000
1330 Stanford St. #F – 2bd + 2.5ba – $1,149,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Ave. community on our North of Montana blog. Add your comments (scroll down to the “Add Your Comment” section) and read other blogs. And please call my mobile phone (310) 924-4014 with any questions.