The 8,400-square-foot former Beach House restaurant building on a 35,000-square-foot oceanfront lot at 2530 Highway 101, Encinitas 92007, has been sold for $6.5 million.
The buyer was PS2 Pacific LLC, 143 S. Cedros Ave., Suite F, Solana Beach 92075. The members of PS2 are Steven L. Goldberg, Steven C. Blumkin and Phillip J. Berkovitz.
The seller of the property (assessor's parcel 261-162-23) was Avolencia Investment Group LLC, with members Elizabeth A. O'Mea as a trustee, George F. Mullane, Denise M. Galette as a trustee, Nancy J. Mullane as trustee, Michael W. Mullan and Virginia A. Fries. The seller took back a trust deed for $4.15 million.
Richard Lebert, senior vice president, and Matt Zimsky of Colliers International represented the buyer. Avolencia, the original builder of the property more than 40 years ago, had no outside representation.
The new ownership plans to operate a restaurant following extensive renovations to the property, which has been vacant for more than a year. The buyer also owns Pacific Coast Grill, an adjacent restaurant property.
“This was an extremely rare opportunity to purchase land and improvements in a low inventory market,” Lebert said. “There are very few Southern California properties located directly on the beachfront as this property is.”