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8/04/20
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A 6k sf, restaurant retail property in Hermosa Beach traded hands in a recent $4.85 mil ($808/sf) transaction. Located at 2701 Pacific Coast Highway, the property was most recently occupied by Round Table Pizza, which vacated the property after 30 years of operation.
Built in 1963, the building sits on a 0.55-acre lot. The single-story property features 44 parking spaces and is zoned for a variety of commercial uses.
The building is located one mile east of the Pacific Ocean with approximately 50,000 vehicles per day on Pacific Coast Highway. The population within one mile of the site is approximately 30,000 with an average household income of $196,000.
CBRE’s Dan Riley, Jeff Pion, Simon Mattox and Austin Wolitarsky represented the seller, an LA-based family. The private buyer was self-represented. According to Riley, the listing resulted in multiple all-cash offers from investors motivated by the initial off-market opportunity to own property on the iconic Pacific Coast Highway in the coastal city of Hermosa Beach.
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