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C3 Development Group Acquires Office Building In Hermosa Beach For $19.5M

Property Image
SOLD
$19,500,000
Geoff Ludwig
Eric Lastition
Mark Schuessler
+ 2

California

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Office37,692 SF
Sold 08/24/2022
the dealplayerscompscontact
Property Image
SOLD

C3 Development Group Acquires Office Building In Hermosa Beach For $19.5M

2200 Pacific Coast Highway, Hermosa Beach, California 90254, United States

See Similar Deals
Office37,692 SF
Sold 08/24/2022
Geoff Ludwig
Eric Lastition
Mark Schuessler
+ 2
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$517
Total Square Footage:37,692 SF
Transaction Type:Sale

The office property located at 2200 Pacific Coast Highway in Hermosa Beach has been sold. The transaction took place on 08/24/2022 and the asset type is office. The property was purchased by C3 Development Group from Vectra Management Group.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: $19,500,000
  • Date: 08/24/2022
  • Address: 2200 Pacific Coast Highway
  • Market: Hermosa Beach

The sale was facilitated by Sean Fulp, Ryan Plummer, Mark Schuessler, Geoff Ludwig, and Eric Lastition of Newmark. The transaction price for the property was $19,500,000, with a total square footage of 37,692. The price per square foot was $517.

Players

Mark Schuessler
Colliers
Mark Schuessler
37 deals$1.3B volume
BROKER
Ryan Plummer
Newmark
Ryan Plummer
46 deals$1.1B volume(310) 407-6570
BROKER
Sean Fulp
Colliers
Sean Fulp
55 deals$1.9B volume
BROKER
Geoff Ludwig
Newmark
Geoff Ludwig
6 deals$163.9M volume
BROKER
Eric Lastition
Newmark
Eric Lastition
5 deals$136.6M volume
BROKER
VG
Vectra Management Group
SELLER

Details

SOLD
IMAGE: Ryan Plummer, Mark Schuessler, Sean Fulp, Eric Lastition & Geoff Ludwig DATE: 08/24/2022 ADDRESS: 2200 Pacific Coast Highway MARKET: Hermosa Beach ASSET TYPE: Office BUYER: C3 Development Group SELLER: Vectra Management Group BROKERS: Sean Fulp, Ryan Plummer, Mark Schuessler, Geoff Ludwig & Eric Lastition - Newmark (@Newmark) SALE PRICE: $19,500,000 SF: 37,692 ~ PPSF: $517

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,039,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$69,279.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$92,439.95
Annual Debt Service$1,109,279.38