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1/28/20
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An 11.3k sf, garden-style office property in Costa Mesa sold for $3.575 mil, or $316/sf. The new ownership is looking to redevelop the property as a mixed-use project.
The building sits on .73 acres of land at 777 to 779 W. 19th St, within an Opportunity Zone. Located at 19th St and Placentia Ave in Costa Mesa, the site is within in a dense, infill location that is a short drive to retail, dining, and entertainment amenities, as well as Newport Beach, Pacific Coast Highway, and the 57 freeway.
Avison Young’s Peter Hauser, Matt Hauser and Masa Ito represented the seller, 19thStreet LLC, based in Newport Beach. The 1031 exchange buyer was a Newport Beach-based private investor, who was repped by Steven Lambert of Nook Real Estate.
According to Peter Hauser, “The buyer plans to operate the office property, while undergoing entitlements for a mixed-use development that would include a small commercial ground floor component and 16 to 24 residential units. The entitlement process for the redevelopment is estimated to take 10 months.”
Peter Hauser noted that the Opportunity Zone designation is helpful in providing federal tax incentives for capital gains tax treatment. Part of the qualifications include substantial renovations to the existing property or a complete demolition to provide a new ground-up development.
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