JV Snags $60M Newport Beach Office Asset
- Aug 24, 2017
Greenlaw Partners and Hilrod purchased 4400 MacArthur, a Class A office building in Newport Beach, Calif. NKF Capital Markets West Coast President Kevin Shannon, Senior Managing Director Paul Jones and Director Blake Bokosky represented the seller, TA Associates Realty. The joint venture represented themselves.
Solid investment opportunity
The nine-story, 156,310-square-foot building features a glass exterior, flexible floor plates and a two-level parking garage. The property, which underwent extensive renovations from 2014 to 2016, is located within the master-planned Koll Center Newport. With a 92 percent occupancy rate at the time of sale, current tenants include Bank of the West, Fidelity National Title Co., Provenio Capital and DAUM Commercial Real Estate Services. The asset offers easy access to John Wayne Airport, 55 and 405 freeways and State Route 73.
“4400 MacArthur was a very rare opportunity to purchase a Class A office tower in the center of the John Wayne Airport submarket in Newport Beach,” said Jones, in prepared remarks. “The location, in addition to functional floor plates, prominent visibility along MacArthur Boulevard and the asset being within walking distance to the Pacific Club, make the property a great long-term hold for the new ownership.”
NKF Capital Markets and Greenlaw Partners previously worked together in June, when NKF brokered the sale of a 191,556-square-foot Class A office building in Anaheim, Calif., in which Greenlaw was the buyer.
Image courtesy of Yardi Matrix