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3/05/20
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Buchanan Street Partners purchased a two-building, 42.7k sf office property in Newport Beach for $11.5 mil, or $269/sf. The buildings are located at 1400 and 1420 Bristol Street North, west of Jamboree Rd and adjacent to the 73 Fwy.
Combined, the two buildings are currently 100% leased with below market rents. Buchanan will begin to execute a substantial capital improvement plan to upgrade the exterior of the buildings, enhance the common area spaces, add a shared elevator, improve signage identity, and address any deferred maintenance items.
“This investment, given its strong location at the 73 Fwy, proximity to John Wayne Airport, and walkable retail amenities, provides significant optionality with varied business plan alternatives,” stated Matt Haugen, Vice President of Buchanan Street Partners.
CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson represented the seller in the transaction.
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