CVS Beach Garfield Center, a 31.1k sf neighborhood retail property anchored by CVS/pharmacy in Huntington Beach, has sold for $15 mil ($482/sf) in an off-market transaction. The asset, located at 18872 to 18922 Beach Blvd, was purchased by Beverly Hills-based 209 N Brand Blvd LP.
CVS Beach Garfield Center is fully occupied and includes a free-standing CVS/Pharmacy with drive thru, Starbucks, O’Reilly Auto Parts, Verizon and Bank of America, among others. The high quality center is located on Beach Blvd, one of the most travelled thoroughfares in Orange County. The property is approximately three miles from the Huntington Beach Pier and Pacific Coast Highway.
Shaun Riley of Faris Lee Investments represented the buyer in the transaction. The seller, Palos Verdes-based Sampont Properties LLC, was repped by Triwell Properties.
“This is a true trophy investment – properties like these rarely trade,” said Riley. “This asset is within one of the most desirable coastal markets in Southern California and the exposure to Beach Blvd at the intersection of Garfield Ave creates an absolute irreplaceable location.”