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12/11/14
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An 8.1k sf, single-tenant property in Costa Mesa sold for $5.04 mil ($622/sf). The NNN-leased retail asset is fully occupied by Citibank, which has 10 years remaining on its lease.
Located at 2700 Harbor Blvd, the property is situated on .68 acres and is adjacent to Mesa Verde Shopping Center, anchored by Vons with a number of other national tenants. The highly visible property sees a daily traffic count in excess of 51,000 cars per day and has more than 485,000 people living within a five-mile radius.
Shaun Riley, senior managing director with Faris Lee Investments, represented the 1031 exchange buyer, a Pasadena-based Family Trust who paid all-cash for the asset. The seller, CP Sunshine LLC, from Lafayette, CA, was repped by Equity Investment Advisors.
Riley noted that the property’s immediate area has seen a strong revitalization over the past several years with new development and the subsequent attraction of new tenants in the growing retail corridor.
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