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Newmark Completes $19.5M Sale of Hermosa Beach Office
C3 Development Group has purchased a three-story, executive office building in Hermosa Beach, CA for $19.5 million. The Newmark Private Capital Group team of Sean Fulp, Ryan Plummer, Mark Schuessler, Geoff Ludwig and Eric Lastition represented the seller, Vectra Management Group.
“South Bay beach cities office product is amazingly resilient,” said Plummer in a news release. “In addition to a lease-up strategy, the recent approval for medical tenancy in up to 75% of the building, presented further upside for the buyer.”
Located at 2200 Pacific Coast Highway, the 38,000-square-foot building includes an open-air central courtyard, subterranean and surface parking, ocean views, high ceilings and plenty of natural light. The property also benefits from its proximity to five major freeways, and Newmark Research indicates that even during the pandemic, the Hermosa Beach submarket experienced strong office demand.
- ◦Sale/Acquisition
