The sale marks a record price-per-square-foot in Orange County for a building above 10,000 square feet
Orange County – CBRE announced the sale of a medical office in the heart of Newport Beach to a renowned medical institution.
CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack and Chris Bodnar represented the private seller.
The 12,547 square-foot free-standing property, located at 1601 Avocado Avenue in the center of Newport Beach, is a high-profile coastal medical office building featuring high-quality finishes. It sits across the street from Fashion Island, Orange County’s premier coastal shopping destination. The property is also within walking distance to a variety of food options such as Fleming’s Prime Steakhouse & Wine Bar, Red O, Fig & Olive and Cucina Enoteca.
The buyer will operate the property as its first Orange County facility. The new owner plans on renovating and occupying the building upon closing.
“This is a fantastic building and an unbeatable location,” said DeLorenzo. “It’s easily accessible to patients and conveniently located for employees and visitors alike with immediate access to a great variety of amenities. This is arguably one of the top real estate locations in the nation which explains why this property fetched such a significant price.”
The 1.38 million square-foot Newport Beach medical office market is one of the best performing in Southern California with a low 5.9 percent vacancy rate and no new developments under construction. Orange County is projected to realize more than 30 percent rent growth over the next five years due to low vacancy rates and increasing job growth making it one of the top investment markets in the United States, according to CBRE research.
Orange County – CBRE announced the sale of a medical office in the heart of Newport Beach to a renowned medical institution.
CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack and Chris Bodnar represented the private seller.
The 12,547 square-foot free-standing property, located at 1601 Avocado Avenue in the center of Newport Beach, is a high-profile coastal medical office building featuring high-quality finishes. It sits across the street from Fashion Island, Orange County’s premier coastal shopping destination. The property is also within walking distance to a variety of food options such as Fleming’s Prime Steakhouse & Wine Bar, Red O, Fig & Olive and Cucina Enoteca.
The buyer will operate the property as its first Orange County facility. The new owner plans on renovating and occupying the building upon closing.
“This is a fantastic building and an unbeatable location,” said DeLorenzo. “It’s easily accessible to patients and conveniently located for employees and visitors alike with immediate access to a great variety of amenities. This is arguably one of the top real estate locations in the nation which explains why this property fetched such a significant price.”
The 1.38 million square-foot Newport Beach medical office market is one of the best performing in Southern California with a low 5.9 percent vacancy rate and no new developments under construction. Orange County is projected to realize more than 30 percent rent growth over the next five years due to low vacancy rates and increasing job growth making it one of the top investment markets in the United States, according to CBRE research.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
