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8/27/15
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A 202.2k sf, Class A office asset in Newport Beach recently traded hands at a price of $72.275 mil, $357/sf. The building is located at 1301 Dove St, west of MacArthur Blvd and north of the 73 Toll Rd.
The property was sold by MetLife Real Estate Investors. From what we hear, the buyer was Prudential Real Estate Investors (PREI).
The property offers easy access to the Corona Del Mar, Newport Beach/Costa Mesa and San Diego Freeways in Newport Beach. It is situated within a mile and a half of the John Wayne Airport and close to executive housing in Newport Beach, Newport Coast, Corona Del Mar and Laguna Beach.
Originally built in 1980, 1301 Dove was renovated in 2004 and again in 2014. The 10-story property is 86 percent leased to tenants including Alliant Insurance, Birch Street Systems and iMortgage.
Senior managing director Ryan Gallagher, managing director Mike McCann, associate director Derreck Barker and director Tim Geiman of HFF represented the seller in the deal.
Senior managing director Ryan Gallagher, managing director Mike McCann, associate director Derreck Barker and director Tim Geiman of HFF represented the seller in the deal.
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