Kearny Real Estate Purchases Property and Land Parcel for $41.5 million
NEWPORT BEACH, Calif. – June 20, 2014—Kearny Real Estate Company has purchased an Orange County property and land parcel for $41.5 million.
The Los Angeles-based company, which is active in the acquisition, entitlement and land development, development, repositioning, distressed debt workouts, leasing, management and disposition of commercial projects in California, purchased five fee title buildings and 12 land parcels subject to ground leases in Newport Corporate Plaza, a 24-building, 20 acre office campus in Newport Beach. The acquisition was a joint venture with AEW.
Don Nourse and Jim Nourse of Lee & Associates – Newport Beach, Inc. represented the seller and Gary Stache of CBRE represented the buyer in the transaction.
About Lee & Associates
Celebrating more than 35 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin. With more than 750 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Additional information is available at www.lee-associates.com.