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10/19/18
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Bayside Square, a fee simple office and medical project in Newport Beach consisting of two buildings totaling approximately 40k sf, was acquired by Bayside Square Investments LLC, an investment entity that includes the co-founders of real estate firm Redwood West. The price was not disclosed.
The multi-tenant, medical and office property is located on the bayfront at 1101 and 1111 Bayside Drive. The property, considered part of the Newport Center / Fashion Island waterfront, was sold by Invesco in an off-market deal.
Currently 87.84% leased, the project is well stabilized and leased to a diverse tenant mix. Bayside Square will undergo a renovation to enhance its overall image and accentuate the irreplaceable nature of the waterfront real estate. Bayside Square Investments plans to re-brand the property and upgrade the interior and exterior, allowing tenants to take advantage of the indoor–outdoor waterfront experience.
Redwood West has contracted with SMS Architects to plan the renovation, converting the property into a contemporary work place, and will serve as the leasing agent and asset manager for the property moving forward.
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