HUNTINGTON BEACH, Calif. – RealEstateRama – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of Village Plaza at Huntington Harbour, a 20,328-square-foot multi-tenant retail center with over 270 feet of prime Pacific Coast Highway frontage in Huntington Beach, California.
Hanley Investment Group’s Executive Vice Presidents Jeff Lefko and Bill Asher, along with Senior Associate Beau Velten, represented the seller, a private partnership based in Palm Springs, California. The buyer, a private partnership from Los Angeles, California, was represented by Mel Zelenak of Maly Realty.
Built in 1972 on 1.73 acres, and renovated in 2019, Village Plaza is located at 17196-17236 Pacific Coast Highway, with multiple points of ingress/egress along Pacific Coast Highway and Warner Avenue, a signalized, hard corner intersection with 57,000 cars per day. Warner Avenue is considered the “Gateway” to Pacific Coast Highway, a major north-south state highway (SR 1) that runs along most of the Pacific coastline of the state of California. Orange County cities including Huntington Beach, Westminster and Fountain Valley, use Warner Avenue to access nearby Bolsa Chica State Beach, which experiences over 2.7 million visitors per year. The City of Huntington Beach, known as “Surf City,” draws over 16 million visitors to the city each year. Huntington Beach boasts 10-miles of uninterrupted coastline, year-round ideal weather, excellent surfing, oceanfront resorts, shopping, dining, entertainment and various annual events and festivals.
Tenants at Village Plaza include Harbor Barber, Secret Spot Restaurant, La Bodega Bottle Shop, Super Mex, Stoney’s Pizza, Sunset Vapor, Riip Beer Co. and Tsunami Sushi. According to Lefko, 96% of the occupied square footage has renewed their lease or expanded their space in the last 24 months. Over 60% of the occupied square footage has been operating at Village Plaza for over 10 years, demonstrating their commitment to the center. Both Super Mex and Tsunami Sushi have been tenants for 25 years or more.
“To keep up with demand, Riip Beer Co. recently renovated and expanded its space,” said Lefko. “Harbor Barber relocated within the center to larger square footage. Secret Spot, which has been a long-term tenant, recently invested a large amount of money building out and operating the liquor store space adjacent to its restaurant space.”
The 91%-occupied restaurant and lifestyle-themed shopping center offered the buyer a secure and stable income stream with excellent lease-up potential for the remaining 9% of the shopping center, a prime 1,744-square-foot endcap space, Asher reports.
“This is a highly desirable location in Huntington Harbour, one of the most affluent and exclusive communities in Orange County,” noted Asher. “There are approximately 214,000 people within a five-mile radius of Village Plaza with an average household income in excess of $170,000 within a one-mile radius of the property.”
“Coastal properties along Pacific Coast Highway in Southern California continue to receive strong investor interest even when there is a large amount of shop space,” said Lefko. “Buyers of these types of assets are looking at the long-term value of the site and not concerned with the short-term troubles or uncertainty caused by COVID.”
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $7.6 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first, sets us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
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