DANA POINT, CA—GlobeSt.com has learned exclusively that Crown Acquisitions Inc. is offering a 10,665-square-foot, newly renovated office building at 34270 Pacific Coast Highway here for sale or lease. The Point is a freestanding building on its own corner parcel with covered parking, floor-to-ceiling windows and a penthouse suite with partial ocean and coastline views.
Steve Economos, EVP with JLL, who is representing the seller in marketing the property, tells GlobeSt.com that the building, at the corner of PCH and Crystal Lantern, “used to have this really vanilla look to it, and the new owners came in and put well-treated wood in the entryway and stacked stone in the landing areas. It just won the Dana Point Beautification Award for 2014.” He was unable to provide before deadline the total renovation costs for the property.
But aside from the new renovation, what makes the Point special is its proximity to Dana Point’s Town Center, which is in the process of a revitalization of its own, says Economos. “The city is revamping the town center area just north of the building. PCH and Del Prado will run both north and south,” he says, encouraging foot traffic along Del Prado and drawing in visitors and locals to the area, including nearby Dana Point Harbor.
Crown also occupies part of the building, which was originally constructed in 1990, and would like to remain a tenant if it is sold. There is also a month-to-month tenant in Suite 200, but nearly 70% of the building, totaling 7,403 square feet, is vacant. “The owner’s suite is a really neat creative build out with polished concrete flooring and exposed-duct ceiling,” says Economos. “The third floor, which is vacant, is a blank canvas.” The third-floor penthouse totals 5,033 square feet and features a shower, he adds.
Crown’s plan was to purchase the building a couple of years ago, occupy it and not necessarily sell it, which is why it is also available for lease. The current asking price is nearly $4.6 million.
The Point’s renovation is part of a new trend of revitalizing class-B properties into creative space. As GlobeSt.com reported last week, Colby and Blaine Annett, co-managing partners of Stream Realty Partners, told GlobeSt.com the activity is a way to enhance older product to make it more attractive for users and to enable them to attract and retain talent.