Newport Beach, CA
CBRE Arranges $11.5 Million Sale of Newport Beach Office Building
May 22, 2025
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CBRE facilitated the $11.5 million sale of a 15,200 sq. ft. office property at 1303 Avocado Avenue in Newport Beach, Calif., to a local family office.
CBRE’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su represented the seller, a local private partnership.
“The Fashion Island market within Newport Beach is one of the most coveted office markets in the country, driven by its coastal lifestyle, affluent demographics, and consistently strong tenant demand,” said DeLorenzo, vice chairman at CBRE. “This sale is one of only seven office properties within Newport Center to transact within the last 10 years, making this a truly rare and strategic acquisition opportunity, and as such drew extremely high demand amongst the investment community.”
The two-story building sits on a 0.38-acre lot within the Fashion Island market. Built in 1973, the property is at 96% occupancy at the time of the sale. Its location provides easy access to John Wayne Airport, just off the Pacific Coast Highway.
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 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, digital infrastructure services); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.