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10/25/16
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Newport Irvine Center, a three-story, Class A, 76.8k sf office property in Newport Beach, was acquired by Newport Beach-based Cress Capital and New York-based C-III in a recent OC investment deal. The price was not immediately given out.
Built in 1980, the property is located at 3300 Irvine Ave, a block west of Bristol St and Hwy 73. It was 87% occupied at the close of escrow.
Newport Irvine Center, situated on 3.23 acres, was recently renovated. It offers contemporary interior finishes, abundant landscaping with outdoor seating areas, ample surface and covered parking, and highly visible corporate signage opportunities. The property includes tenants such as InstaMed Communications, Newport Back & Sport Institute, Klarin & Associates, CPA and Cambridge Financial Partners.
Paul Jones, Kevin Shannon, Blake Bokosky, and Robert Griffith of NGKF Capital Markets, represented the buyer and the institutional seller. NGKF’s Jones noted that the property has historically attracted smaller tenants that want a high quality office environment with a convenient commute, while being immediately adjacent to the John Wayne Airport.
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