Royal Hawaiian building for sale

The building housing the landmark Royal Hawaiian Restaurant & Bar in Laguna Beach is on the market for $9.4 million.

Faris Lee Investments is marketing the property, which is occupied by two tenants: the Royal Hawaiian Restaurant & Bar, a landmark since 1947, and Adam Neeley Fine Art Jewelry.

The Polynesian-style restaurant underwent extensive renovations over the past several years and the landmark will remain open, said owner Lyndon Cole. “We have a 20-year lease,” he said.

Located at 331, 353 and 369 N. Coast Hwy., the property totals 7,410 square feet on .39 acres and includes an on-site parking lot with 34 stalls.

Rents in the North Coast Highway business district have skyrocketed, forcing one gallery owner, Peter Blake, to vacate his long-held space across from the Royal Hawaiian.

Jeff Conover, senior managing director with Faris Lee Investments, is marketing the Royal Hawaiian property on behalf of the seller, Shura Laguna LLC from Beverly Hills.

“This property offers a rare ownership opportunity of a high profile, landmark asset ideally located on the sea-side of Pacific Coast Highway,” Conover said in a press statement. “It presents a secure and stable investment with below-market rents in a popular trade area with very low vacancy.”

The property “offers street frontage and unobstructed visibility to 43,000 cars per day within Laguna Beach,” the realty agency states.

Based in Irvine Faris Lee Investments specializes in retail real estate. In 2007, Faris Lee completed more than $1.8 billion in sales of more than 122 retail centers throughout the United States.

For more information, visit www.farislee.com.