Saturday, November 5, 2011

Laguna Beach, CA Festival Center Building Listed at $10.7 Million



 LAGUNA BEACH, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for the Laguna Beach Festival Center building (top left photo), a 19,780-square foot property fronting Laguna Canyon Road, California State Route 133 in Laguna Beach. The sales price of $10.7 million equates to $541 per square foot.

Paul Bitonti (middle right photo), a vice president investments in Marcus & Millichap’s Newport Beach office, is representing the seller, a local private investor.   

“The Festival Center building is a unique owner-user investment opportunity located at the gateway to a special district for the arts in Laguna Beach,” says Bitonti.

 “The art district creates space for open-air festivals, kiosks and outdoor events that are prohibited elsewhere in the city. The world-famous Sawdust Art Festival (Logo by Jesse Miller at jmillerart@hotmail.com)  the Art-A-Fair festival, the Pageant of the Masters, the Laguna Playhouse and the Seven Degrees event facility are all located within this special district,” adds Bitonti.

The property is located at 805-859 Laguna Canyon Road, near the Pacific Coast Highway and California State Highway 73. The building is a short walking distance from Laguna’s main beach, restaurants, shops and galleries.

The facility is currently 25 percent occupied by the Laguna Culinary Arts cooking school.

California State Highway 73 has an average daily traffic count of 81,000 and California State Highway 133, Laguna Canyon Road, has an average daily traffic count of 36,000. The average household income within a one-mile radius of the property is $151,019.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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