Cypress Equity Investments buys Santa Monica retail center, plans large redevelopment

A retail center in Santa Monica has changed hands, with plans for redevelopment.

A nearly 7,000-square-foot parcel at 2031-2037 Wilshire Blvd., on the corner of Wilshire and 21st Street in Santa Monica, sold for $7 million to Los Angeles-based developer Cypress Equity Investments LLC. Cypress also owns the adjacent properties at 2025 Wilshire Blvd. and 1152 21st St.