L.A. Partnership Buys Pierside Pavilion

Pierside Pavilion, an 80,000-square-foot retail and entertainment complex across the street from Huntington Beach Pier, has been sold to a Los Angeles partnership. The price was $20 million to $25 million, an agent representing the seller said Tuesday.

The Pavilion, containing retail stores, restaurants and movie theaters, was purchased by Kyray LLC of Los Angeles, said Reza Etedali, an agent at Sperry Van Ness, an Irvine brokerage. The property closed Dec. 31 and was sold by Pierside Colony of Los Angeles, which is owned by a Japanese firm, Etedali said.

With Japan and other parts of Asia still trying to recover from a financial crisis, the company sold the building for $5 million to $10 million less than it cost to build in 1991, because “they had other needs for capital,” Etedali said.