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10/30/19
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A rare high-street, multi-tenant retail asset located in the popular Belmont Shore neighborhood of Long Beach sold for $5 mil. The 9k sf ($555/sf) asset was acquired by a private investor out of Long Beach.
The 100%-leased building is located on 0.30 acres at the signalized intersection of 2nd St and Santa Ana Ave, at 5354 East 2nd Street in Long Beach. Citibank is no longer occupying its 5.9k sf space on the ground floor. The second floor houses the Arthritis National Research Foundation, Jonnum Media, The Flynn Group and FEA Consulting.
The two-story, Spanish Colonial Revival architecture-style building, built in 1952, is one of the few remaining commercial buildings on 2nd Street that retains its original architectural appearance. It is also the first time in nearly 20 years that this property has been available for sale.
Kevin Fryman, Carlos Lopez and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the seller, a private investor from Jackson, WY. The buyer was repped by Nathan Holthouser with CBRE.
The sale included 20 dedicated parking spaces on the property and has a public parking lot immediately behind the property providing 16 additional spaces as well as street parking along 2nd St, Claremont Ave, and Santa Ana Ave. According to Lopez, a majority of the properties along 2nd Street do not have dedicated parking.
“We generated multiple competitive offers within two weeks of marketing this property,” said Fryman. “We identified a local buyer who understood how valuable the location was and was comfortable with the challenges associated with this beautiful building’s historic designation and the restrictions of the property.”
2nd Street in Belmont Shore is one of Southern California’s premier shopping and dining destinations with specialty boutiques, restaurants, and exclusive national retailers including Archibald’s drive-thru, Banana Republic, Bank of America, Chase Bank, George’s Greek, Legends Restaurant, Nick's on 2nd, Open Sesame, Starbucks, Riley’s, Roe and Wells Fargo.
2nd Street has an incredible 91 out of 100 Walk Score, calling it a “Walker’s Paradise,” due to the proximity in all ranking categories including dining, groceries, shopping, errands, parks, schools, culture and entertainment.
Belmont Shore is a supply-constrained, infill trade area, creating high barriers to entry to future development. There are over 362,000 people within a five-mile radius and an average household income of $143k within a one-mile radius and an average home price of $1.33 mil. Shoppers and residents are within walking distance to the Pacific Ocean and Naples, which has an average household income of $177k and an average home price of $1.85 mil.
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