The 14,009-sf, two-story building has approximately 7,000 sf on each floor, with a mix of office and retail tenants, according to Phil Voorhees of the Private Client Group. Voorhees, Pat Scruggs, Gary Stache and Mark Larson, all of CBRE, represented the seller, while Hyoung Chon of the CBRE office in San Jose, CA represented the buyer.
The property, which was 96% leased at the time of the sale, is a freestanding, Art Deco building that was built in 1946 and is a San Clemente landmark. The seller had owned the property for about 25 years.
The sale, which closed at a cap rate of 8.13%, is further evidence of the increasing interest in San Clemente commercial real estate in the past several years. Besides new investors in existing buildings, the activity includes renovations on Avenida del Mar properties as well as a number of new construction projects.
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