Just had a Grand Hill IPA from El Segundo and I love it. Those New Zealand hops are so fruity and delicious. I find El Segundo underrated. Los Angeles is a weird market, they don't get out as much because they're smaller. And yet they don't get the benefit of the hype factor like an Alpine.
From traveling, I feel like maybe Highland in Asheville counts. Not much national buzz, not a wide distribution, but great beers in an emerging area. Cellarmaker in San Francisco? Modern Times in San Diego? Not sure something like Pipeworks counts as underrated -- it's always listed as a top top small beer.
You have a beer that fits that definition?
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