An 80-year era of family ownership for a retail center in Corona del Mar has come to an end.
Read more Former acting U.S. attorney dies in San Diego federal building
The center at 2515 E. Coast Highway sold Aug. 12 for $13.7 million, according to documents provided by PropertyShark.com.
The Poole family — investing as John Poole Radio Properties and Poole Properties — had owned the bustling strip mall since the 1940s, according to Coastal Commercial and Marcus & Millichap, which represented the sellers.
The 13,883-square-foot building sits along the west side of Pacific Coast Highway, leased by a variety of tenants including a tuxedo shop, Pedego electric bikes, two salons, an antiques restoration shop and more.
The brokerages said the property attracted 10 offers and went through rounds of bidding from a stake of investors all with ties to Orange County. It ultimately sold for $700,000 more than 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.”
Tenants should take note as Holthouser said the building is “poised for a repositioning.”
“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 buyer is Shops at CDM LLC, led by Phil Berry, a commercial real estate broker and investor in the community who also has adjacent real estate holdings, the brokerages noted.
Holthouser said the Poole family was pleased to see their longtime property pass to a 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,” he said.
Read more This office broker sees big potential in Dana Point and San Clemente
Tech headquarters opens in Tustin
For months, locals have watched a new building taking shape next to the Orange County Animal Care Center in Tustin.
The Taiwanese company Advantech has moved into its North American headquarters at 1606 Victory Road. It said the 10-acre campus in the Legacy neighborhood will act as its hub for “product innovation, customer collaboration and operational services.”
The maker of industrial computers, devices and other tech products signed a multimillion-dollar lease two years ago to build the campus in the Tustin Legacy neighborhood.
NAI Capital estimated the 75-year ground lease with South Orange County Community College District, was worth $264.8 million.
The business tie-up is not a coincidence. The tech company is hoping to bring ATEP college students aboard as employees.
Advantech has “a unique opportunity to cultivate new talent with community college students through an offering of internships, externships, mentoring and even careers,” Ween Niu, general manager of Advantech North America, said in 2024 when the lease was signed.
Central to the headquarters is a six-story 110,000-square-foot building, which sits alongside a 79,000-square-foot Integration & Service Center.
The company designed the HQ to create a “collaborative environment” that brings together its engineering, sales, customer experience, technical and executive leadership under one roof.
Advantech manufactures hardware and software used in a variety of computer devices. It has offices in Milpitas and Ottawa, Illinois.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to [email protected] . Please allow at least a week for publication. All items are subject to editing for clarity and length.
Read more Why do farm children tend to avoid asthma and allergies? German team finds key bacteria.