Jones Lang LaSalle is pleased to present the opportunity to acquire Strand & Pier (the "Property"), a 22,358 SF beachfront mixed-use investment opportunity located in Hermosa Beach, California on nearly an acre of land. With over 400 feet of combined frontage along The Strand and Pier Ave, the Property is comprised of a variety of beach-centric retail tenants with 9 short term rental units. The Property is located along the main retail corridor of Hermosa Beach - one of the premier locations in Southern California, attracting over 8.1 million visitors per year. This highly desirable location draws from an affluent demographic with average household incomes exceeding $200,000 in a 3-mile radius.
Property zoning and flexible leases allow for maximum investment plan optionality. The current rents are below market with landlord termination options to facilitate future redevelopment for a mix of allowable uses that include hospitality, retail, dining, office or medical office. Given the ideal location and size, the site could become a luxury beachside or other marquee retail destination. Other possibilities include expanding the existing retail footprint by adding second floor dining space or further activating the underutilized parking lot/patio space adjacent to the existing tenant Vista. As a simpler alternative, an Investor could add value simply by signing new long-term leases at market rents with the current tenant base or new exciting retail and dining options.
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