Peter’s Landing — a 9-acre waterfront complex of shops, restaurants and offices along Huntington Harbour and just off Pacific Coast Highway — recently sold for $47 million to local buyers who reportedly have big plans for the property.
Built in 1979, the parcel features a 98,500-square-foot open air center anchored by a Mother’s Market and Golden Road Brewery. It was purchased in 2017 by Pendulum Property Partners of Irvine for $33 million, which reportedly invested another $14 million in capital improvements, according to the Orange County Business Journal.
Gold Road Brewing at Peter’s Landing a 98,500-square foot retail and office complex off Pacific Coast Highway.
(James Carbone)
Ben Glabman is a broker with Santa Ana-based real estate investment firm Geovest Corp. who served as broker for the buyer in the October transaction. Reached by phone Friday, he said he could not reveal any names but hinted the buyer may have ties to the area.
“It’s a local buyer who cares about the community,” Glabman said. “Over the next couple years, I think it’s going to become more of a community hub. That being said, it’s probably going to take a while.”
However, the Nov. 2 Business Journal article notes that a grant deed recorded Oct. 1 lists the buyer as Arkadia Marina Ventures, a limited liability company based out of Santa Ana that secured the site with help from a $28-million first mortgage from Farmers & Merchant Bank, according to loan documents reviewed by the publication.
Inside of Peter’s Landing a retail complex with office space near Huntington Harbour recently sold for a reported $47 million.
(James Carbone)
Located at 16400 Pacific Coast Highway, the commercial center was originally developed by Maguire Partners as part of a broader 40-acre vision that included condominiums, a retail center and 300 boat slips for residents and visitors alike.
The residential and commercial uses separated and, in 1988, Peter’s Landing was purchased by Richard J. Nathan for $18 million, the Los Angeles Times reported. It operated under the ownership of Peter’s Landing Partners Ltd. and, after that, an affiliate of local private investor Taki Sun Inc., which oversaw the 2017 sale to Pendulum, according to the Business Journal.