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12/01/20
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Village Plaza at Huntington Harbour, a 20.3k sf, multi-tenant retail center with over 270 feet of prime Pacific Coast Hwy frontage in Huntington Beach, was acquired by an L.A.-based private partnership. According to an industry source, the property traded for around $17 mil, which works out to about $835/sf.
Built in 1972 on 1.73 acres, and renovated in 2019, Village Plaza is located at 17196-17236 Pacific Coast Hwy, with multiple points of ingress/egress along Pacific Coast Hwy and Warner Ave, a signalized, hard corner intersection with 57,000 cars per day. Warner Ave is considered the "Gateway" to Pacific Coast Hwy, a major north-south state highway (SR 1) that runs along most of the Pacific coastline of the state of California.
Jeff Lefko, Bill Asher and Beau Velten with Hanley Investment Group Real Estate Advisors represented the seller, a private partnership based in Palm Springs. The buyer was repped by Mel Zelenak of Maly Realty.
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.”
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