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11/26/25
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A Los Angeles-based private investor has purchased a newly renovated historic building on 2nd Street in Belmont Shore, Long Beach for $9.9 mil in an all-cash, 1031 exchange deal. The two-tenant, 9k sf ($1,100/sf) property is leased by South of Nick’s Mexican Kitchen + Bar and KAL Capital Markets, an investment banking firm.
The building sits on 0.30 acres at 5354 East 2nd St, at the signalized intersection of 2nd St and Santa Ana Ave. South of Nick’s restaurant occupies 5.7k sf on the ground floor, while KAL Capital occupies 3.3k sf on the second floor. Both tenants recently executed new triple-net leases. The property benefits from 21 dedicated parking spaces on site, with additional public parking available nearby. Parking is a rare amenity along 2nd Street, where most properties lack dedicated spaces.
Bill Asher, Kevin Fryman and Jeff Lefko with Hanley Investment Group Real Estate Advisors, in association with Nathan Holthouser of Coastal Commercial, represented the buyer and the seller, a partnership led by Aaron Tofani of ATE Real Estate, a private developer based in Long Beach.
Belmont Shore’s 2nd Street is recognized as one of Southern California’s most walkable retail and dining corridors, with a Walk Score of 91. The surrounding area includes more than 360,000 residents within a five-mile radius and an average household income of $166k within one mile. The corridor serves as the main thoroughfare connecting the Pacific Coast Highway with Downtown Long Beach, which is home to the Convention Center, Performing Arts Center, Pine Avenue, the Arts District, Shoreline Village, the Aquarium of the Pacific, the Queen Mary, and the Port of Long Beach. Three of the city’s premier shopping centers — The Marketplace, Marina Pacifica Mall and the newest development 2nd & PCH — are located adjacent to the neighborhood.
“We secured an all-cash 1031 exchange buyer from Palos Verdes who had recently sold a large land parcel in the South Bay,” said Holthouser. “The buyer was seeking a pride-of-ownership location in Southern California, and we were able to facilitate a pre-sale transaction that closed escrow prior to both tenants opening for business and paying rent in order to satisfy the buyer’s exchange requirement.”
“This property represents a rare retail sale along 2nd Street in desirable Belmont Shore,” Asher said. “The building, originally constructed in 1929 in the Spanish Colonial Revival style, was restored and redeveloped while retaining its iconic historic architecture. The addition of South of Nick’s Mexican Kitchen + Bar brings a dynamic new dining destination to the corridor, while KAL Capital provides a stable professional presence that complements the mix of uses along 2nd Street.”
Holthouser added, “This building is one of the few remaining commercial properties on 2nd Street that retains its original architectural appearance, which is a testament to Aaron Tofani’s vision and commitment. The Long Beach Cultural Heritage hearing unanimously approved the adaptive reuse for restaurant use. South of Nick’s concept complements the historic design, creating a seamless fit between tenant and architecture.”
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