INSIDE Cypress Equity Investments Acquires Santa Monica Retail Center for $7M smmirror.com
June 20 - June 26, 2024 Volume CXXIII Issue 214
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Tech Entrepreneur and Developer Company Buy Promenade Shops for $103M: Report Acquisitions Include 1202, 1222, 1225, 1232, 1339, and 1344 Third Street Promenade
Federal Realty Investment Trust has sold eight parcels along Santa Monica’s Third Street Promenade to two buyers with core businesses outside real estate, according to a report by The Real Deal. Tech entrepreneur Daniel Negari, founder of XYZ.com, acquired seven parcels for a combined $84.5 million. United El Segundo, a gas station operator turned developer, purchased the remaining parcel for $19.5 million. Negari’s acquisitions include 1202, 1222, 1225, 1232, 1339, and 1344 Third Street Promenade, along with 301 Arizona Avenue. His most expensive purchase was the 24,600-square-foot building on Arizona Avenue, priced at over $900 per square foot, one of Santa
Monica’s highest commercial deals in the past year. Real Deal reported that Negari used approximately $61 million in loans from the Royal Bank of Canada for the acquisitions. The Arizona Avenue
building is currently 50 percent vacant, according to online listings. Negari is not new to Santa Monica real estate; he bought 310 Wilshire Boulevard for $9.4 million in 2018. United El Segundo purchased 214
Wilshire Boulevard, a 31,000-squarefoot building occupied by Wally’s Wine. The company recently proposed a 29,000-square-foot office building on Sunset Boulevard, featuring a digital billboard wrap.
Michelin-Starred Chef James Kent Passes Away, Saga Hospitality Group Announces Chef Kent Is Remembered for His Culinary Excellence and Charity Work The Saga Hospitality Group announced the death of Michelin-starred chef James Kent on June 15 with great sadness on its Instagram. Chef Kent is survived by his wife, Kelly, son Gavin, and daughter Avery. Chef Kent was the creative mind behind Pacific Park’s newest food destination, Snackville, at the Santa Monica Pier. The statement said, “We are heartbroken to share that James Kent passed away unexpectedly earlier today. The Saga Hospitality Group family is focused on supporting each other and, most importantly, Kelly, Gavin, and
Avery as we grieve James’ loss.” Jeff Klocke, General Manager at Pacific Park on the Santa Monica Pier, said in an emailed statement, “It is with profound sadness and a heavy heart that we acknowledge the sudden passing of our partner and friend, Chef James Kent. He was a valued member of our Pacific Park team and contributed immensely to our culinary vision of the amusement park. We extend our deepest condolences to his family, friends and colleagues.” James Kent was executive chef and owner of Crown Shy and Saga restaurants, both located in the landmark Art Deco building at 70 Pine Street in New York’s Financial District. Crown Shy, the first of those restaurants, opened in March 2019. Just six months later, the restaurant was awarded a Michelin star. Saga, a fine-dining restaurant in the tiered spire of the building, opened in August of 2021. In October 2022, Saga was awarded two Michelin stars. One floor above Saga is Overstory, a cocktail
bar ranked 17 on the list of the World’s 50 Best Bars. Kent was an active supporter of a number of charities working to eradicate childhood hunger in New York City, including No Kid Hungry and ReThink Food, for which he sits on the Chef’s Council. Kent has twice co-chaired the annual Chef’s Benefit dinner for Cookies
for Kids Cancer, a nationally recognized organization that provides funding for pediatric cancer research. He was a mentor for the Ment’Or organization devoted to inspiring culinary excellence in young professionals and preserving the traditions and quality of cuisine in America.