Newmark is pleased to present the opportunity to acquire the fee-simple interest in 2447 PCH (the “Property”), a 25,775-square-foot office building located along the highly-trafficked and scenic Pacific Coast Highway in Hermosa Beach, California, one of the most sought-after beach communities of Los Angeles County.
The Property will be 96% leased by five tenants with 4.64 years of weighted average lease term, providing an investor with secure and diversified cash flow well into the future. The Property benefits from additional revenue from a roof-mounted AT&T cell tower and reserved parking spaces in the subterranean parking garage which provides tenants with 2.83/1,000 parking.
Hermosa Beach is a highly sought-after beach community in Southern California for its strategic location nearby five 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%. Tenants at 2447 PCH receive additional benefits from unobstructed ocean views; and high-visibility building signage along Pacific Coast Highway, with an average of 46,250 cars passing the building daily.
2447 PCH represents an opportunity to acquire a stabilized office building with outstanding ocean views in a highly sought-after beach community and 4.64 years of weight average remaining term from a diversified rent roll.