Two Newport Beach Offices Go Sailing
NEWPORT BEACH, CA—Two Newport Beach office properties have sold recently, both of them reaching the sellers’ goals, GlobeSt.com has learned exclusively. One reached a year-end closing, and the other had a quick turnaround after renovation.
The Irvine offices of Lee & Associates represented a party in each sale. First, Brian Garbutt and Allen Basso represented Turner Real Estate Fund II L.P. in the $9-million sale of a 30,260-square-foot office building at 1300 Quail St. here to the Halpern Group, which was represented by Chuc Mai of HMB Real Estate.
“This two-story office building, which sits on 1.5 acres, was sold to Turner in 2013, and the building was completely renovated,” says Garbutt. He notes that the property was sold to Turner with the business plan of renovating the building, increasing rents and selling within two years. “We are happy we were able to surpass our underwriting goals within our target timeframes.”
In the second transaction, Garbutt represented seller Blue Properties Management LLC in the $6.4-million sale of a vacant office building at 2244 Pacific Coast Hwy here to PCH Investors LLC. Garbutt says the building was auctioned through Auction.com since the seller wanted to achieve a guaranteed year-end close. “Our marketing, coupled with the auction process, assured that we achieved that goal.”
Office properties sold for renovation in Orange County are no novelty lately. As GlobeSt.com reported in December 2014, Bixby Land Co.purchased 15771 Redhill Ave., a 79,756-square-foot office property in Tustin, CA, from 15771 Red Hill LLC for $13.3 million. The firm plans to transform the building into a contemporary workplace, investing another $11.7 million into renovations that will include the addition of 10,000 square feet of space as well as interior and exterior upgrades.