LAGUNA BEACH, CA-The Jolly Roger retail center, a landmark strip center that is 75 years old, has traded in a deal in which the land sold for $1,593 per sf, according to Marcus & Millichap. The property is a 13,590-sf center that was built in 1931 and sold for $11.1 million, or $817 per sf for the two-story retail space on 6,970 sf of land.
Jack Hopkins, an associate director in the Newport Beach office of Marcus & Millichap's National Retail Group, represented both the buyer, Bradford Ventures LLC of Laguna Beach, and the seller, Lloyd Charton Family Trust, in the triple-net lease transaction. The property is located at 400-424 South Coast Highway.
The Jolly Roger center occupies what Hopkins calls "prime frontage along the famed Restaurant Row" and "one of the best retail locations in all of Laguna Beach." The retail center is 100% occupied by two tenants, Soul to Sole and Jolly Roger/Laguna Beach Brewing Co.
Soul to Sole, a women's boutique shoe store, occupies 1,590 sf, while Jolly Roger and Laguna Beach Brewing Co. occupy the remaining 12,000 sf.
The sale of the Jolly Roger illustrates one of the points that Marcus & Millichap discussed in its most recent report on the Orange County retail market, which said that "Competition among investors for single-tenant properties in Orange Countyremains heated." Available properties continue to be in short supply, according to the report, which notes that prices climbed 18% over last year to a median of $383 per sf.
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