Green Room Surf Shop building for sale
Paul Clinton
The owners of the building that houses a popular West Newport surf
shop have put their property on the market, a move that has caused
friction with the proprietor.
Gregg Steiner, who owns the Green Room Surf Shop, says he has been
rebuffed in a bid to purchase the building he has called home, but
not owned, since June 2001.
Steiner said he submitted an offer to purchase the 1,800
square-foot building shortly after the owners listed it on April 15.
Jeffrey and Lorraine Kennard, who live in Hawaii, have owned the
property since the mid-1970s.
Kevin Quick, at Lee and Associates’ Newport Beach office, has the
listing. The Kennards are asking $995,000 for the property, Quick
said.
“We countered with something they didn’t accept,” Steiner said.
Steiner made an offer that was “significantly less” than the asking
price, he said.
Lorraine Kennard, when contacted Tuesday, said she has never
received an offer from Steiner. Quick also said Green Room operators
haven’t come forward with a hard offer.
“I haven’t seen an offer from him,” Quick said. “We’ve talked to
him about making an offer, but they don’t even think it’s worth
$400,000.”
At about $552 per square foot, the listing price is comparable to
properties along Old Newport Boulevard, Quick said. There are few
comparisons available for commercial properties located along West
Coast Highway -- the Green Room is at 6480 W. Coast Highway -- Quick
said, because many have been held by a small number of families for
several decades.
The Green Room has an assessed value of $87,745, according to
county property records. That amount “wouldn’t even buy you the dirt”
today, Quick said.
Steiner has also been trying to negotiate an extension to his
lease with the Kennards, he said. Steiner’s lease expires on March
15, Quick said.
“I’m trying to negotiate a new lease,” Steiner said. “They will
not give us a long-term thing. A long term lease does hinder the sale
of the property.”
A group of local surf board makers opened the Green Room in the
early 1990s. Since then, it has gathered a following among local
surfers looking for wetsuits, “fun boards” and other surf-related
hardware. Steiner bought out the prior owners in June 2001.
* PAUL CLINTON covers the environment, business and politics. He
may be reached at (949) 764-4330 or by e-mail at
paul.clinton@latimes.com.
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