Sonnenblick-Eichner Co. Arranges Sale of The Cannon’s Hotel Development Site, Dana Point, CA
Sonnenblick-Eichner Company announced today that it has arranged the sale of the fee simple interest in the Cannon's Hotel Development Site in Dana Point, California. The former home of Cannon's Restaurant, the site is fully entitled and has received California Coastal Commission approval for a 100-room boutique luxury hotel.
The property is located on a bluff-top overlooking the Dana Point Harbor and Marina with expansive, panoramic views of the Pacific Ocean and the California Coastline. The property was sold to a private investor.
The site is located one block south of Pacific Coast Highway and approximately 2.5 miles west of Interstate 5, providing excellent access to the area's transportation network. The Dana Point Harbor and Marina features over 2,400 boat slips, several restaurants, and various marine-oriented activities. The Dana Point Harbor and Marina is undergoing a $338 million revitalization, including the addition of approximately 110,000 square feet of destination retail, restaurant, hotel, and office space.
Todd Bedingfield, Senior Managing Director of Sonnenblick-Eichner Company, commented: "We received tremendous interest in this offering from both institutional and entrepreneurial investors. Our client ultimately decided to transact with a locally based development firm who will be redeveloping the property."
David Sonnenblick, Principal of Sonnenblick-Eichner Company, added: "This site presented investors with the rare opportunity to purchase a fully entitled coastal property in a location with extreme barriers to entry."