VALUEROCK REALTY ACQUIRES ICONIC MEL’S DRIVE-IN IN SANTA MONICA FOR $6.2M
October 19, 2020 - ValueRock Realty, one of the nation's leading real estate investment and operating companies has acquired Mel’s Drive-In, an iconic restaurant building, in Santa Monica for $6.2 million. The property is located on Lincoln Blvd at the Interstate 10 off-ramp where Route 66 begins meeting the Pacific Coast Highway. The transaction closed in 5 days with a 25-day escrow period.
ValueRock Realty’s focus is to acquire properties that constitute a diversified and balanced real estate portfolio anchoring neighborhoods in many of the nation's most desirable markets. With over 2,000 transactions and over 50 properties under management, ValueRock takes a hands-on approach to the growth of its investment portfolio bringing a full suite of investment, development, and operating management capabilities.
The 4,717 square-foot building sits on a 22,344-square-foot land parcel situated in an irreplaceable location within the heart of Santa Monica which includes plenty of onsite parking. The property is considered to be a historical landmark within the community and has been used by restaurant and dental office tenants since 1959. In addition to its high traffic count (65,000 VPD), over 350 apartment units are planned to be or under construction adjacent to the property.
“We are extremely excited to announce this acquisition. We consider this a unique investment opportunity, which we believe will provide us with various long-term value enhancement opportunities over the course of our ownership,” said Dennis Vaccaro, Senior VP at ValueRock Partners.
About ValueRock Realty: ValueRock is one of the nation's leading real estate investment and operating companies. We seek to bring a strong, innovative entrepreneurial mindset to generate a positive impact and long-term value for our investors, assets, and communities. In operation for over 30 years, ValueRock brings a track record of over $30B in transactions in investment management, asset management, financing, development, leasing, and operations.