One of Balboa Island’s iconic frozen banana stands, arguably the best-known commercial real estate property on the harborside community, is on the market for sale.
While the property’s asking price of $3.5 million isn’t too high by Orange County standards, its nearly $2,075 per-square-foot asking price, if met, would be among the bigger deals along the coast, on a PSF basis, in Orange County history.
It isn’t just real estate that’s expected to trade hands in the deal, one reason for the high price. The property, a 1,687-square-foot retail and residential space along Marine Avenue, is being sold alongside its business, Sugar ‘N Spice.
The shop—a staple of the island since its inception in 1946 and a source of inspiration for TV show “Arrested Development”—sells a plethora of sweets, from dipped ice cream bars to frozen tiramisu on a stick.
The sellers, husband-and-wife duo Will and Courtney Alovis, are parting with the shop so they can return to their roots in the film industry, they said.
Despite rumors that Sugar ‘N Spice would close following its sale, the stand is currently in operation and will continue business as usual under its new ownership.
“It’s not going anywhere,” Will told the Business Journal. “Once we find the right people to run it, it’ll be a seamless transition.”
Family Business
Sugar ‘N Spice has been a family-run business since Courtney Alovis’ mother, Helen Connolly, purchased the brand in 1995.
Courtney and Will took over the business about two decades later. They inherited the property, located at 310 Marine Ave., when Connolly died in 2021.
Only the property’s storefront is in use, according to listing agent Annie Clougherty of Compass. The building’s residential space, where Conolly previously lived, has been vacant since her death.
“We understand that it’s valuable piece of real estate, but there’s more to it than just that,” Will said. “Courtney’s mom put her heart and soul into this business 20 years before we took it over.”
Heavy Interest
Though the property’s contingency with the Sugar ‘N Spice business narrows the buyer pool, the listing has generated heavy interest from potential owners.
Over 400 buyers have expressed interest in the property in the few weeks following its listing, Compass’ Clougherty said.
Offers for the space are currently being accepted; buyers were given until the first week of March to investigate the business’ profit and losses.
If sold at or near the asking price of $3.5 million, the mixed-use space would be the most expensive Orange County property on a price-per-square-foot basis over the past decade, according to real estate brokerage data.
“Every single storefront on Marine Avenue is raking in seven figures in sales annually,” Clougherty said, and Sugar ‘N Spice is no exception.
New Challenges
Once Will and Courtney transfer the property and business to new ownership, the pair will devote their time to the entertainment careers they stepped back from to run the shop.
The couple counts decades of experience in Hollywood—Courtney as a makeup artist and Will as a production assistant and script supervisor. According to IMDb, shows Will has worked on include “Last Week Tonight With John Oliver,” “Bones” and “CSI: Miami.”
Will is currently a producer for a feature-length documentary currently in the making. The film, called “Tramps Like Us,” explores the relationship between singer-songwriter Bruce Springsteen and his fans.
