Newmark Selected to Sell Prime Retail/Office Property in Downtown Culver City

January 9, 2025 9:00 AM

Newmark announces it has been awarded the listing assignment to sell 3843 Main Street, a retail and office property situated in the heart of Downtown Culver City, at the main intersection of Culver Boulevard and Main Street. Newmark Senior Managing Director David Ghermezian and Associate Director Jonathan Dadourian, in partnership with Rafael Padilla of PAR Commercial, are listing the property on behalf of ownership, Salar Family Investment.

The property encompasses approximately 17,386 square feet leasable space. It features four fully built-out restaurant spaces on the ground floor and coworking office space on the second floor. Current tenants include Public School, Latea Lounge, Monty's Good Burger and Ippudo Ramen, providing stable, long-term income from the retail spaces. The second-floor creative office space presents a unique opportunity for an owner-user or investor to occupy and customize.

"This property represents a rare opportunity to invest in a prime asset in one of Los Angeles' most dynamic markets," said Ghermezian. "Downtown Culver City has undergone a remarkable transformation, becoming a vibrant destination for dining, entertainment and business. The combination of thriving mixed-use developments, high-caliber tenants and proximity to leading tech and entertainment companies positions this property as an extraordinary investment opportunity."

The property is just minutes from the Santa Monica (10) Freeway and steps away from the Culver City Metro Station and nearby iconic destinations such as The Culver Steps and The Culver Hotel. This property also benefits from its proximity to four public parking structures, major mixed-use developments such as Culver Steps and Culver Platform, and a thriving local economy. The area is within walking distance of Culver Studios and Sony Pictures Studios, as well as several new creative office buildings housing tech and entertainment giants like Amazon, Sony, Apple and HBO.

Downtown Culver City has seen significant revitalization and demographic shifts in recent years, driven by an influx of new developments and an increasing demand for quality commercial spaces. The area's blend of commercial and residential offerings attracts a mix of families, young professionals, and businesses, further enhancing the investment potential.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark's company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.