Pacific Grove, Calif.,– Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the former Latitudes restaurant, a 6,683 square-foot retail property located in Pacific Grove, Calif., according to Steven J. Seligman, regional manager of the firm’s Palo Alto office. The asset sold for $2,500,000.
J.J. Taughinbaugh and Anh Stovall, investment specialists in Marcus & Millichap’s Palo Alto office, had the exclusive listing to market the property on behalf of the seller, a partnership that has owned the property for more than 50 years.
The former Latitudes restaurant overlooks the Pacific Ocean at 631 Ocean View Boulevard in Pacific Grove. The property is located at Lover’s Point, a high profile location and a major tourist attraction for Pacific Grove and the Monterey region. 631 Ocean View Boulevard is slated to become an upscale sushi restaurant that will contribute to the recent development at Lover’s Point, in addition to The Beach House that opened last summer.
About Marcus & Millichap
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com