LAGUNA BEACH, CALIF. — CBRE has arranged the sale of Laguna Terrace, a 12-unit property located at 2200 S. Coast Highway in Laguna Beach, roughly 25 miles south of Anaheim, California. The asset traded hands for $5.1 million.
Built in 1939, Laguna Terrace consists of four separate buildings across three adjacent lots totaling 0.5 acres. The unit mix includes 10 studios and two one-bedroom apartments. The total rentable space is 4,664 square feet. The community features laundry facilities, three separate storage rooms and a community shower and bathroom. The property also includes 14 parking spots, including eight garage and six open spaces.
Dan Blackwell, Mike O’Neill and Jack O’Connor of CBRE represented the seller, a private investor from Laguna Beach, and the buyer, an all-cash investor from Orange County. Both parties were involved in a 1031 exchange.