Lee & Associates - Newport Beach ~ Three Retail Properties SOLD in Newport Beach, CA
The Khoshbin Company, an Irvine-based privately held commercial real estate firm that specializes in acquiring, managing and repositioning of Class A and Class B industrial, retail and office properties, has purchased three properties for $28.9 million.
The properties, located at 2751 and 2801 Coast Highway and 2620 Avon in Newport Beach, consist of 29,341 square feet and a marina and include two well-known landmarks in Newport Beach -- Billy’s at the Beach and The Ritz restaurant, formerly The Chart House.
Senior Vice Presidents Alton Burgess and Travis Haining of Lee & Associates- Newport Beach represented Khoshbin. Brian Barson, an Associate from Lee & Associates-Newport Beach, represented the Seller, GP’s Landing, LLC.“This opportunity defines once-in-a-lifetime for the local area as these types of waterfront property rarely become available, including this transaction which was completed without ever going to the open market,” said Burgess. “The buyer is a local, very successful real estate owner who was looking to identify a trophy asset combined with excellent tenants stabilizing the property to accommodate a 1031 exchange. The Buyer succeeded on all fronts.”