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10/24/19
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A three-story, 21.7k sf office building in Newport Beach was purchased for $8.07 mil ($372/sf) by a local orthopedic and pain management practice. The buyer, Regenerative Institute of Newport Beach, plans to renovate and occupy a portion of the vacant space at the 50%-leased property.
The three-story building, located at 20341 SW Birch St, features glass windows, bayside views and creative buildouts. Current tenants include Clearview Investments Partners, LLC and Force 10 Partners.
Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson, Justin Hill and Taylor Friend of CBRE represented the seller, Parr Property Management Inc, a Newport Beach-based real estate investment and property management company. The buyer was repped by an outside broker.
“This is a rare, jewel box building that sits in a coveted, high-barriers-to-entry market,” said DeLorenzo. “It is in a primary, live-work-play location right off the 73 Fwy and is surrounded by world-class amenities and an exceptional labor pool.”
The Newport Beach office market remains one of the best performing and most desirable submarkets in Southern California, according to CBRE research. Low vacancy combined with a low inventory of only 225 low-rise buildings continue to push rents higher in the city. Lack of available land for new developments, in addition to city ordinances for construction in Newport Beach, have created one of the highest barriers to entry in Orange County.
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