Newmark 1 announces it has completed the $19.5 million sale of 2200 Pacific Coast Highway, a three-story, executive office building in Hermosa Beach, California.
Newmark Private Capital Group’s Vice Chairman Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler in partnership with Executive Managing Directors Geoff Ludwig and Eric Lastition represented the seller, Vectra Management Group. The buyer was C3 Development Group.
“South Bay beach cities office product is amazingly resilient,” said Plummer. “In addition to a lease up strategy, the recent approval for medical tenancy in up to 75% of the building, presenting further upside for the buyer.”
Located at 2200 Pacific Coast Highway, the 37,692-square-foot office building was 75% leased at the time of sale to 24 tenants. Building features include an open-air central courtyard, subterranean and surface parking, ocean views, skylights, high ceilings and abundance of natural light.
Ideally positioned in the highly sought-after Hermosa Beach community, the property benefits from its proximity to five major freeways for easy access to CBDs throughout Los Angeles and Orange County. Throughout the pandemic, and historically, the Beach Cities/Palos Verdes submarket experienced strong office demand as the highest vacancy rate in over a decade was in 2010 at only 8.3%, according to Newmark Research.
