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June 18, 2024
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Newport Beach Medical Office Building Fetches $1,367/sf


Newport Harbor Medical Plaza, a 30k sf, Class A Medical office building in Newport Beach, was acquired by a private investor in a $41 mil ($1,367/sf) transaction. Completed in 2020, the three-story building is located at 330 Old Newport Blvd and is 100% leased to USC’s Keck School of Medicine.

USC will operate the facility as a state-of-the-art cancer treatment center and plans to collaborate with Hoag Hospital on treatment and clinical trials. The property is conveniently located across the street from Hoag’s campus and is in proximity the 55, 73, and 405 freeways as well as Pacific Coast Highway.

Newmark’s Executive Managing Directors Sean Fulp and Garth Hogan and Managing Directors John Scruggs, Mark Schuessler, and Ryan Plummer represented the seller, Advanced Medical Properties, a Newport Beach-based and physician-owned development firm. The Newmark team originally procured the tenant and negotiated the long-term lease with USC in early 2020. Anton Qiu of San Francisco-based Anchor Pacific Capital repped the buyer in the deal.

The project was originally imagined by Dr. Emanuel Shaoulian who was the developer for the site. Shaoulian’s vision and attention to detail can be seen throughout the property that features a unique multiple curvature glass curtain wall system, ocean views and outdoor deck areas that can be activated in the future.

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