Photo credit: West Robin Media – Brendon Krainer
Coastal Commercial and Marcus & Millichap announced the successful $13.7 million sale of 2515 E. Coast Highway, a prominent multi-tenant retail property located in the heart of 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 $13.7 million — $700,000 above its $13 million asking price.
“The response to this offering was exceptional, but I think sophisticated investors quickly recognized the underlying value of the real estate,” said Nathan Holthouser, President of Coastal Commercial. “You have incredible frontage along Pacific Coast Highway, approximately 20 on-site 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.”
The approximately 13,883-square-foot multi-tenant retail property occupies a highly visible position along Pacific Coast Highway in Corona del Mar’s village commercial district. Its location provides tenants with exposure along one of Orange County’s premier coastal corridors while serving the surrounding affluent residential community.
Beyond its existing income, Coastal Commercial marketed the property around its long-term potential for repositioning and value creation.
“The building is poised for a repositioning,” Holthouser said. “Corona del Mar is a luxury community, and this property has all the ingredients to become the bell of the ball. The location, visibility, parking and scale of the individual spaces create an opportunity for the new ownership to elevate the property and tenant mix over time.”
The transaction also marked the end of an extraordinary period of family ownership.
The seller, Poole Properties, Inc. (formerly John Poole Radio Properties, Inc.), had owned the property through multiple generations of the Poole family dating back to the 1940s — more than 80 years.
The buyer, Shops at CDM, LLC, is led by Managing Member Phil Berry, a longtime commercial real estate broker and investor in the surrounding community who also has adjacent real estate holdings.
“It was great working with Phil Berry and his team,” Holthouser said. “Phil understood the potential of the asset from the beginning, and it was exciting to watch his vision for improving the property start to develop during the transaction.”
“For the seller, this wasn’t simply the disposition of another investment property. Their family had owned it for more than 80 years. They were pleased to see it pass to a well-respected local investor who understands Corona del Mar and intends to invest in the property. Their hope is that it will be as good to the new ownership as it was to their family for generations.”
The transaction highlights the continued demand for well-located coastal commercial real estate in Orange County, particularly properties offering a combination of irreplaceable location, visibility, parking, smaller-format retail spaces and long-term repositioning potential.
About Coastal Commercial
Coastal Commercial is a Southern California commercial real estate brokerage specializing in commercial leasing, investment sales, property management, and advisory services. The firm represents property owners, developers and tenants throughout Orange County and Southern California. For more information, visit: www.coastalcommercial.com.