A landmark Corona del Mar retail property home to Avila's El Ranchito sold for $13.7 million on Aug. 12, ending more than 80 years of ownership by the Poole family.

The multi-tenant strip at 2515 E. Coast Highway drew more than 10 offers and sold for $700,000 above its $13 million asking price, according to Newport Beach Indy. The buyer, Shops at CDM, LLC, is led by Phil Berry, a Newport Beach resident and longtime retail real estate broker whose own office sits next door at 2443 E. Coast Highway.

The roughly 13,883-square-foot building occupies the west side of Pacific Coast Highway in Corona del Mar's village commercial district. Tenants include the El Ranchito restaurant, Pedego electric bikes, a tuxedo shop, two salons and an antiques restoration shop, according to the Orange County Register. The property also has about 20 on-site parking spaces.

The seller, Poole Properties, Inc., formerly known as John Poole Radio Properties, had held the property since the 1940s across multiple generations.

Nathan Holthouser, president of Coastal Commercial, represented the seller alongside Ron Duong of Marcus & Millichap. Holthouser said the property attracted mostly high-net-worth private investors with Orange County ties.

"Corona del Mar is a luxury community, and this property has all the ingredients to become the bell of the ball," Holthouser said. He added that the location, visibility, parking and smaller commercial spaces create an opportunity for new ownership to elevate the tenant mix over time.

The sale was personal for the Poole family. Holthouser said they were pleased to see the property pass to a local investor who understands the community and plans to reinvest in it.

Berry runs Commercial West Brokerage, Inc., a firm specializing in retail real estate. He has concentrated exclusively on retail since 1986 and has completed more than 950 lease and sale transactions, according to his company's website.

No renovation timeline or permit filings have been announced for the property. Avila's El Ranchito, which Sergio and Marybell Avila and their three daughters have operated at the address since 2010, remains a tenant. Sergio Avila first brought his mother's recipes to Newport Beach in 1975.

The sale comes as Newport Beach advances a land use and mobility study for the Corona del Mar commercial corridor. An April 2026 city presentation outlined goals including new zoning rules, parking solutions and improved walkability. At that time, Planning Commission and City Council hearings were targeted for late summer 2026.