Los Angeles, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, announces the sale of the Ace Hardware located at 2666 Harbor Blvd in Costa Mesa, CA. Market Leader, Bill Pedersen, was the lead agent in the transaction along with Senior Vice President & National Director Michael Pakravan and Associate Matthew Sundberg. The asset traded to a real estate developer for an undisclosed amount.
The 104,980 square foot lot is located on the heavily traveled arterial Harbor Blvd, at the signalized intersection of the southwest corner of Harbor Blvd and Mesa Verde Drive. The annual daily average traffic for the intersection is approximately 75,000 vehicles per day. Tenants in the surrounding area include H&R Block, Pier 1 Imports, Pizza Hut, Vons, Target, AutoZone, Five Guys, Sprouts, and more. Harbor Blvd serves the Costa Mesa community as its main retail corridor. Ranked in Forbes magazine’s top 50 economically thriving metro areas, Orange County enjoys lower business costs, a highly qualified workforce, and one of the lowest unemployment rates in the nation. The subject property was previously occupied by Crown Ace Hardware.
“We worked diligently to arrange the closing of this transaction,” noted Michael Pakravan. “Completing this closing despite the uncertainties surrounding the COVID-19 pandemic shows the perseverance and tenacity that sets Matthews™ apart from other brokerage firms.”
The seller, a private family, was notified by Ace Hardware that they would be vacating the premises when the lease expired on April 30, 2020. The tenant had no additional renewal options. There was also a sublease in place with an auto dealer that expired with the Ace Hardware lease. The buyer, Red Mountain Retail Group was motivated to purchase the redevelopment opportunity by the property’s highly desirable location.
“Thanks to our extensive marketing efforts, we were able to bring over two-dozen interested buyers to the table,” stated Bill Pedersen. “This was a win-win situation for both the buyer and seller. We succeeded in arranging the transaction quickly and efficiently, meeting the seller’s needs, and helped the buyer acquire a unique investment opportunity with tremendous upside potential.”
For more information regarding the sale of 2666 Harbor Blvd in Costa Mesa, CA, or if you have any other questions related to retail investments, please do not hesitate to reach out to Bill Pedersen, Michael Pakravan, and Matthew Sundberg. To view all current listings, please visit www.matthews.com.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition, and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com.