Newmark Facilitates $10.25 Million Sale of Ocean Front Multifamily Development Site in Huntington Beach, California

March 7, 11:00 AM

Photo credit to Walter Ferar with Aerial Images

Newmark[1] announces it has facilitated the sale of 1810 Pacific Coast Highway, a one-acre redevelopment site in Huntington Beach, California. The property sold for $10,250,000.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairman Paul Jones, Senior Managing Directors Chris Benton and Brandon White, Managing Director Anthony Muhlstein and Senior Financial Analyst Gabe Munson represented the seller, California Resources Corporation. The buyer was WJK Development.

The buyer plans to utilize the site to develop boutique luxury homes. Situated one mile from Downtown Huntington Beach, the property offers proximity to several amenities including boutique shopping, restaurants and dining and hotels. Additionally, 1810 Pacific Coast Highway’s strategic location presents immediate access to Pacific Coast Highway and is within 10 miles from the Irvine Business Complex and 15 miles from Downtown Long Beach.

“With a lack of supply for new, best-in-class ocean front luxury homes in Huntington Beach, we believe the demand for the finished development will be highly desired” said White. “We appreciate the opportunity to work on a truly generational site like this.”

Benton added, “This exceptional development site received tremendous demand from the for-sale home developer community. The direct access to the beach, fantastic amenity access and home values in Huntington Beach all led to a great outcome for our seller.”

Huntington Beach benefits from a dense population and an affluent, professional demographic profile. With regional economic expansion continuing to drive employment and a severe housing demand/supply imbalance, Orange County, along with the City of Huntington Beach, will continue to be distinguished as a dynamic for-sale housing and for-rent multifamily market, according to Newmark Research.

[1] Dba Newmark Knight Frank in California

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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. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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