Marcus & Millichap today announced the sale of The Coast Inn in Laguna Beach, Calif., for approximately $12.9 million. The sales price represents $682 per square foot for the 18,844-square foot property. Scott Hook, a senior investment associate in Marcus & Millichap's Newport Beach, Calif., office, represented the seller, a partnership of local investors, in the transaction. Hook also secured the buyer, Los Angeles-based Emerald Financial, LLC. Built in 1924, The Coast Inn is located at 1401 S. Coast Hwy. The property consists of 24 rooms with a full restaurant and bar. All rooms have ocean views, and many have large private balconies. The current owners have submitted plans to convert the existing rooms to a luxurious 12-suite complex with a spa and game roo...
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