Newport Beach Office Sale Arranged by NGKF Team
- Oct 27, 2016
By Alex Girda
Newport Beach, Calif.—The Newport Irvine Center is the latest property to change hands with the help of NGKF Capital Markets in Orange County. The buyer, a joint venture of Cress Capital and C-III was represented by an NGKF team that included Paul Jones, Kevin Shannon, Blake Bokosky and Robert Griffith, who also worked on behalf of the seller.
Newport Irvine Center is a three-story Class A office asset that offers a total of 76,837 square feet of space. The office building occupies a 3.2-acre plot of land at 3300 Irvine Ave. Originally built in 1980, the property was recently renovated to feature more updated interior finishes, abundant landscaping, outdoor seating areas, ample surface and covered parking. Its tenant roster includes names such as InstaMed Communications, Newport Back & Sport Institute, Klarin & Associates, CPA and Cambridge Financial Partners. At the time of the transaction, the property was operating at 87 percent occupancy.
“Newport Irvine Center offered an investor a very rare Newport Beach ownership opportunity. This asset has historically attracted smaller tenants that want a high quality office environment with a convenient commute, while being immediately adjacent to the John Wayne Airport,” NGKF Senior Managing Director Paul Jones said in prepared remarks.
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