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3/08/24
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A one-acre redevelopment site in Huntington Beach sold for $10.25 mil. The site, located at 1810 Pacific Coast Highway, was acquired by WJK Development. The buyer plans to utilize the site to develop boutique luxury homes.
Situated one mile from Downtown Huntington Beach, the property offers proximity to several amenities including boutique shopping, restaurants and dining and hotels. Additionally, 1810 Pacific Coast Highway’s strategic location presents immediate access to Pacific Coast Highway and is within 10 miles from the Irvine Business Complex and 15 miles from Downtown Long Beach.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairman Paul Jones, Senior Managing Directors Chris Benton and Brandon White, Managing Director Anthony Muhlstein and Senior Financial Analyst Gabe Munson represented the seller, California Resources Corporation.
“With a lack of supply for new, best-in-class ocean front luxury homes in Huntington Beach, we believe the demand for the finished development will be highly desired” said White. “We appreciate the opportunity to work on a truly generational site like this.”
Huntington Beach benefits from a dense population and an affluent, professional demographic profile. With regional economic expansion continuing to drive employment and a severe housing demand/supply imbalance, Orange County, along with the City of Huntington Beach, will continue to be distinguished as a dynamic for-sale housing and for-rent multifamily market, according to Newmark Research.
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