By Daily Press staff
Toys “R” Us is closing up shop in downtown Santa Monica.
The two-story big box retailer at 402 Santa Monica Blvd. will close its doors in April 2005. The 52,423-square-foot-building is being acquired by CIM Group through its CIM Urban Real Estate Fund. It’s unknown what retailer will move in.
“CIM Group made a compelling proposal for our store in Santa Monica,” said Chris Kay, chief operating officer of Toys “R” Us, Inc. “We were pleased to be able to offer all of our employees at the store positions in neighboring locations, since we have 13 other stores in this market. We enjoyed being a part of the Santa Monica community.”
Planet Action, located at the Toys “R” Us property, will continue to operate in its 8,640-square-foot space.
The total transaction is valued at more than $30 million and CIM paid about $24 million for the building, according to an article published in the Jan. 28 Los Angeles Business Journal.
CIM has invested in Santa Monica since 1993, and developed many prominent properties along Third Street.
“Santa Monica Boulevard and Third Street form an emerging center for Santa Monica retail,” said Avi Shemesh, principal of CIM Group. “This is a tremendous opportunity to lease a premier location that will only grow stronger over time.”
Originally published in the Santa Monica Daily Press print edition on February 2, 2005. Read the original PDF.