CBRE facilitated the $11.5-million sale of a 15,200-square-foot office property at 1303 Avocado Ave. in Newport Beach to a local family office. The firm’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su represented the seller, a local private partnership.
“The Fashion Island market within Newport Beach is one of the most coveted office markets in the country, driven by its coastal lifestyle, affluent demographics and consistently strong tenant demand,” said DeLorenzo. “This sale is one of only seven office properties within Newport Center to transact within the past 10 years, making this a truly rare and strategic acquisition opportunity, and as such drew extremely high demand amongst the investment community.”
The two-story building sits on a 0.38-acre lot within the Fashion Island market. Built in 1973, the property is at 96% occupancy at the time of sale. Its location provides convenient access to John Wayne Airport, just off the Pacific Coast Highway.
The post Offices in Newport Beach’s Fashion Island Market Trade to Family Office appeared first on Connect CRE.
