Multi-Tenant Corona del Mar Retail Sells Above Asking Price
Coastal Commercial and Marcus & Millichap arranged the $13.7-million sale of 2515 E. Coast Highway, a prominent multi-tenant retail property located in Corona del Mar. The transaction was represented by Nathan Holthouser of Coastal Commercial and Ron Duong of Marcus & Millichap.
The offering generated significant interest from the Orange County investment community, attracting more than 10 offers and multiple rounds of competitive bidding. Prospective buyers consisted primarily of high-net-worth private investors with ties to Orange County. Ultimately, the property sold for $700,000 above its asking price.
“The response to this offering was exceptional, but I think sophisticated investors quickly recognized the underlying value of the real estate,” said Holthouser. “You have incredible frontage along Pacific Coast Highway, approximately 20 onsite parking spaces — which is extremely difficult to replicate in Corona del Mar — and a collection of mostly smaller commercial spaces that lend themselves well to maximizing rents over time.”
