NAI Capital Negotiates Mixed Use Investment Sale in Newport Beach, CA
Irvine, CA January 22, 2019– Executive Managing Director Brian Childs and Executive Vice President David Knowlton, SIOR, CCIM with NAI Capital’s Irvine office negotiated the sale of a 2,233 leasable square foot mixed-use building in Newport Beach, California. The transaction totaled $2,095,000 or $938 per square foot. NAI Capital represented the seller, a family trust. The buyer was a local private investor represented by Compass.
This iconic, coastal mixed-use building is located at 308 Marine Avenue, Balboa Island. The property is comprised of two ground floor retail units with stable, long-term tenants and two second-story studio apartments. Each studio apartment has a full kitchen and bath. Built in 1935 and 1948, this mixed-use investment property is located in one of California’s most visited beachside communities. It has excellent street visibility and outstanding pedestrian traffic on Marine Avenue with a 76 Walk Score (Very walkable).
Mr. Childs said, “This property offered a unique “California Beach” setting with year-round high pedestrian traffic and a warm, relaxed coastal vibe.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
# # #