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8/20/26
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A 13.9k sf multi-tenant retail center located in the heart of Corona del Mar was purchased for $13.7 mil ($985/sf) by Shops at CDM LLC. The buying entity is led by managing member Phil Berry, a longtime commercial real estate broker and investor in the surrounding community who also has adjacent real estate holdings.
The property occupies a highly visible position along Pacific Coast Highway in Corona del Mar’s village commercial district, at 2515 E. Coast Highway. Its location provides tenants with exposure along one of Orange County’s premier coastal corridors while serving the surrounding affluent residential community.
We’re told the offering generated significant interest from the Orange County investment community, attracting more than 10 offers and multiple rounds of competitive bidding. Beyond its existing income, interest in the property was also based on its long-term potential for repositioning and value creation. Prospective buyers consisted primarily of high-net-worth private investors with ties to Orange County. Ultimately, the property sold for $700k above its $13 mil asking price.
The seller, Poole Properties Inc (formerly John Poole Radio Properties Inc), had owned the property through multiple generations of the Poole family dating back to the 1940s — more than 80 years. They were represented by Nathan Holthouser of Coastal Commercial. Ron Duong of Marcus & Millichap repped the buyer.
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