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Corona del Mar multi-tenant retail property sells for $13.7 million
The sale of 2515 E. Coast Highway cleared $700,000 above its asking price after attracting more than 10 offers and multiple rounds of bidding.
Coastal Commercial and Marcus & Millichap arranged the $13.7-million sale of 2515 E. Coast Highway, a prominent multi-tenant retail property in Corona del Mar, according to ConnectCRE.
The transaction was represented by Nathan Holthouser of Coastal Commercial and Ron Duong of Marcus & Millichap. ConnectCRE reported that the offering drew more than 10 offers from primarily high-net-worth private investors with ties to Orange County, leading to multiple rounds of competitive bidding.
The property ultimately sold for $700,000 above its asking price. Holthouser said the asset features strong Pacific Coast Highway frontage, approximately 20 on-site parking spaces, and a collection of smaller commercial spaces designed to help maximize rents over time.
ConnectCRE characterized the response to the offering as exceptional, with sophisticated investors quickly identifying the underlying value of the real estate.