The property, known as Mariner’s Center, is a multi-tenant retail center located at 177-191 Riverside Drive in Newport Beach, Calif. Mariner’s Center is situated at the northwest corner of the signalized intersection of Pacific Coast Highway and Riverside Drive and is located in the heavily traveled Mariners’ Mile district, just steps from Newport Harbor. The property is surrounded by some of the most well-known restaurants in Orange County including A’s, Billy’s at the Beach, Chart House, Rusty Pelican, Villa Nova and the world famous Balboa Bay Club & Resort. Traffic counts at the intersection of Pacific Coast Highway and Riverside Avenue are in excess of 60,000 cars per day.
Built in 1956 and remodeled in 1984, Mariner’s Center is situated on 1.70 acres and is currently 100% occupied. Tenants representing 79% of the square footage have successfully operated at the subject property for at least 14 years. Mariner’s Center has historically been 100% occupied due to its unique location with minimal competition for retail space within the Mariners’ Mile corridor. Tenants include C’est Si Bon Bakery, Bike Religion, Pazzaz Salon & Spa, Jewelers On Time, USPS, Cookie Classics, David Brian Design, Sew What?, Int., The Mail Box, C&L Cleaners, Cobbler’s Bench, and Balport Lock & Safe.
“Mariner’s Center is a rare opportunity to own irreplaceable real estate located in the heart of the world class coastal community of Newport Beach,” said Edward B. Hanley, President at Hanley Investment Group. “The property is located along Pacific Coast Highway and is directly across from Newport Harbor’s waterfront, one of the highest travelled destinations in the coastal area.”
“As a lifetime resident of the Newport Beach and Corona del Mar area, I can attest to how well this unique property services the surrounding community,” said Eric P. Wohl, Senior Vice President at Hanley Investment Group. “The property has a tremendous amount of future potential and stands to benefit from some of the recent zoning changes made by the City of Newport Beach and California Coastal Commission allowing for increased density.”
"Earlier in the year, the Mariner’s Mile Marine Center located down the street on West Coast Highway, sold for nearly $700 per square foot, not factoring in the shipyard space and docks," Hanley noted. "And, through our initial marketing efforts, we have generated strong interest in the Mariner’s Center."
Hanley Investment Group’s team of Edward B. Hanley and Eric P. Wohl are exclusively representing the seller, based in Beverly Hills, Calif. For further information please visit www.hanleyinvestment.com.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.