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12/30/21
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A private investor paid $4.2 mil for a 4k sf ($1,051/sf) retail storefront in Costa Mesa. The property was sold by Red-E-Rentals, a local contractor equipment rental company had been in this location since the mid 1970’s.
The property is located at 2075 Harbor Blvd within Orange County’s prestigious Airport submarket, close to The Triangle, South Coast Plaza, and John Wayne Airport. It is in a prime retail Cannabis ‘Green Zone’ within the City of Costa Mesa, which with the adoption of Measure Q, the site would be eligible for a retailer-storefront commercial cannabis permit.
Steve Liu and Andrew Batcheller with NAI Capital Commercial’s Retail Services Group represented both parties in the transaction.
Batcheller noted, “We had the property listed for $3.7 mil and it sold $4.2 mil, indicating the tremendous interest in this asset. The buyer has applied for cannabis conditional use permit with plans to open a dispensary on the site.”
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