Newmark announced today it has brokered the $18 million sale of The Bijou Building, a 23,172-square-foot, three-story mixed use office/retail building located in downtown Hermosa Beach, CA.
The seller, Federal Realty Investment Trust, was represented by Co-Head of U.S. Capital Markets Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Brad Feld of Newmark’s Capital Markets and Private Capital Investment Sales practice groups. The buyer, 1221 Hermosa Ave, LLC, was represented by Newmark’s David Ghermezian, Amir Araghi and Jonathan Dadourian. David Milestone and Brett Green of Newmark’s Debt and Structured Finance group handled the financing on behalf of the buyer.
Located at 1221 Hermosa Avenue, The Bijou Building was originally developed in 1923 as the Metropolitan Theater. This Neo-Classical style building was upgraded to attract a modern tenant mix and is currently 94 percent occupied by Chase Bank, Beach City Capital, Steel Partners and Bar Method, among others.
“This asset represented a prime opportunity for an investor to own a historical, adaptive reuse property that is an irreplaceable fixture within downtown Hermosa Beach,” said Plummer.
Feld added, “The scarcity of assets available for purchase in this coastal market contributed to a highly competitive bidding process as bidders appreciated not only the uniqueness of the property but also the opportunity to add value over the short and long-term.”
The property is just one block from the Pacific Ocean and the Hermosa Beach Pier and is within walking distance to a variety of restaurants, bars, coffeehouses, boutique shops, and entertainment venues.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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