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8/25/22
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C3 Development Group paid $19.5 mil for a three-story, 37.7k sf ($517/sf) office building in Hermosa Beach. The property, located at 2200 Pacific Coast Highway, was sold by Vectra Management Group.
The building was 75% leased at the time of sale to 24 tenants. Building features include an open-air central courtyard, subterranean and surface parking, ocean views, skylights, high ceilings and abundance of natural light.
Ideally positioned in the highly sought-after Hermosa Beach community, the property benefits from its proximity to five major freeways for easy access to CBDs throughout Los Angeles and Orange County. Throughout the pandemic, and historically, the Beach Cities/Palos Verdes submarket experienced strong office demand as the highest vacancy rate in over a decade was in 2010 at only 8.3%, according to Newmark Research.
Sean Fulp, Ryan Plummer, Mark Schuessle, Geoff Ludwig and Eric Lastition with Newmark represented the seller in the transaction. According to Plummer, the recent approval for medical tenancy in up to 75% of the building offers additional upside for the buyer.
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