Marcus & Millichap on Wednesday announced the sale of the Miramar Theatre in San Clemente, Calif.

A local investor paid $5.3 million for the property, which is situated in the New North Beach Re-Development zone. The property has been vacant for a decade and sold for land value of $200 per foot.

Agents in Marcus & Millichap’s Newport Beach office represented the seller in the transaction.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage that focuses on investments.

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