**Tova Capital JV Acquires Freestanding Retail Building in Downtown Santa Monica for $5.5M**
Tova Capital, Inc., a Los Angeles-based real estate investment and development firm, has partnered with Shopton Capital in the acquisition of a 7,500-square-foot, freestanding retail property located at 801-805 Wilshire Boulevard in downtown Santa Monica. The transaction closed at $5.5 million, though the identity of the seller has not been disclosed.
Originally built in 1981, the single-story building occupies a 15,000-square-foot corner lot at the high-traffic intersection of Wilshire and Lincoln boulevards—an area that sees up to 50,000 vehicles daily. The property offers high visibility and is complemented by surface parking, a rare amenity in the downtown district.
Ron Harari, founding partner at Tova Capital, noted the strategic value of the investment: “The ability to acquire a freestanding building with surface parking in downtown Santa Monica is rare, especially at such a highly visible signalized corner and at a historically low land basis.”
At the time of sale, the property was 40% leased to Commercial Bank of California. The joint venture plans to implement a series of capital improvements, including a new storefront, upgraded exterior lighting, fresh paint, and overall façade enhancements.
This acquisition comes amid a retail resurgence in downtown Santa Monica, following a challenging leasing environment in the aftermath of the COVID-19 pandemic.
