HERMOSA BEACH, Calif., Aug. 23, 2022 — Newmark[1] announces it has completed the $19.5 million sale of 2200 Pacific Coast Highway, a three-story, executive office building in Hermosa Beach, California.
Newmark Private Capital Group’s Vice Chairman Sean Fulpand Managing Directors Ryan Plummer and Mark Schuessler in partnership with Executive Managing Directors Geoff Ludwig and Eric Lastition represented the seller, Vectra Management Group. The buyer was C3 Development Group.
“South Bay beach cities office product is amazingly resilient,” said Plummer. “In addition to a lease up strategy, the recent approval for medical tenancy in up to 75% of the building presents further upside for the buyer.”
Located at 2200 Pacific Coast Highway, the 37,692-square-foot office building was 75% leased at the time of sale to 24 tenants. Building features include an open-air central courtyard, subterranean and surface parking, ocean views, skylights, high ceilings and abundance of natural light.
Ideally positioned in the highly sought-after Hermosa Beach community, the property benefits from its proximity to five major freeways for easy access to CBDs throughout Los Angeles and Orange County. Throughout the pandemic, and historically, the Beach Cities/Palos Verdes submarket experienced strong office demand as the highest vacancy rate in over a decade was in 2010 at only 8.3%, according to Newmark Research.
[1] Dba Newmark Knight Frank in California
About Vectra Management Group
Vectra Management Group (VMG) is a full-service commercial real estate investment, development and management company specializing in office, retail and industrial properties with offices in Salt Lake City, New York and Los Angeles. Vectra Management Group is an active member of BOMA Utah, CCIM and IREM. For further information, visit www.vectra.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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