A hotel development site in Dana Point, has changed hands after Newport Beach developer Berk Properties LLC bought the property. Formerly Cannon’s Restaurant, the fully entitled site will be redeveloped into a 100-room boutique luxury hotel.
The seller was Harbor Bluff Corp., a private family with third-party investors based in Capitola, California.Terms of the deal were not disclosed.
Overlooking Dana Point Harbor and Marina with views of the California coastline, the property sits off the Pacific Coast Highway and west of Interstate 5. The former restaurant underwent a review by the California Coastal Commission, which approved the project.
Sonnenblick-Eichner Co. arranged the sale. Sonnenblick-Eichner Senior Managing Director Todd Bedingfield said the firm received “tremendous interest” in the property from both institutional and entrepreneurial investors.
David Sonnenblick, principal of Sonnenblick-Eichner, said the site presented investors with the rare opportunity to “purchase a fully entitled coastal property in a location with extreme barriers to entry.”
Dana Point has a number of significant projects on the horizon, including a $400 million revitalization of the Dana Point Harbor and Marina on the city’s docket. The seaside attraction has more than 2,400 boat slips, several restaurants and various marine-oriented activities and will soon add 110,000 square feet of retail, restaurant, hotel and office space.