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1/17/17
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Shopoff Realty Investments has acquired a three-story, 44.4k sf office building located at 4440 Von Karman Ave, between MacArthur Blvd and Jamboree Rd in Newport Beach, for $15.4 mil ($347/sf). The property was purchased with a co-investment structure.
Featuring lush landscaping, an elevator and abundant common parking, the property is leased by CommerceWest Bank, DynTek and Johnson Attorneys Group. The building was 44 percent vacant at the time of acquisition, in a market with an 8.5 percent vacancy rate and rents forecasted to grow 33.5 percent over the next five years.
“We are employing our strategic plan to actively lease up the property and to increase rents that are currently below market rates,” commented Shopoff Realty Investments Executive Vice President David Placek. “With high market occupancy, upward momentum on rental rates and an attractive location, this asset is well positioned to be stabilized in the near future.”
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