Irvine, Calif (October 4, 2016) — Scott Hook of CBC Advisors Orange County has arranged the sale of the Floyd’s Barbershop building located on the highly coveted retail corridor of 17th Street in Costa Mesa, CA. The building sold for $2,550,000, record pricing for the 17th street, at approximately a 4% cap rate and $1,100 per square foot. The buyer is a local Costa Mesa investor who was in a 1031 tax deferred exchange. The seller is a Newport Beach investor partnership, who had purchased the building through Hook a year ago. Hook, executive vice president of Coldwell Banker Commercial Advisors (CBC Advisors), represented both the buyer and seller in this transaction.
“17th street is considered one of the top retail zones in Orange County due to the historic minimal vacancy, consistent high traffic, and elevated income demographics, as it services the communities of Costa Mesa and Newport Beach,” said Hook. “The tenant occupying the building terminated their occupancy, thus the giving the seller the opportunity to refurbish and re-lease the building at the higher market rent. Floyd’s Barbershop, with approximately 100 plus locations nationwide, signed a 10-year lease hence subleasing approximately 850 square feet of their 2,350 square feet to UBreakIFix – a computer & phone repair shop with approximately 40 plus stores.”
Scott Hook and the Hook Retail Associates team focus on Southern California multi-tenant and single-tenant retail sales. 2016 year to date, Hook Retail Associates has completed 20 Southern California retail sales, with multiple pending escrows and listings. Hook is currently the top producing agent in Southern California for Coldwell Banker Commercial Advisors and a leading expert in the sale of retail properties. Hook has a billion-dollar track record and thirty years of commercial real estate experience, having exclusively listed and sold numerous multi-tenant shopping centers as well as single tenant triple net leased investments throughout his career. He has brokered over $1 billion in transactions. Hook’s most notable recent transactions were: The Plaza at Gordon Ranch in Lakewood, Rite Aid in Murrieta, Smart & Final Extra! in Sacramento and San Marcos, United Oil in Corona Del Mar, Shoppes at Wildomar – (7-Eleven, Starbucks, plus shops), (2) IHOP restaurants in Los Angeles and Huntington Beach, La Paz Gateway Center in Mission Viejo, Orange Circle Redevelopment in Orange, and numerous single tenant properties throughout Southern California.