CBRE Arranges Sale of Office Property to a Home Builder in Costa Mesa for $44.5 Million

CBRE negotiated the $44.5 million sale of 3150 Bear Street, a 70,799 square-foot-office building in Costa Mesa, Calif. MLC Land Holdings Inc. acquired the property.

CBRE National Office Partners’ Anthony DeLorenzo, along with Greg Sullivan, Sammy Cemo and Bryan Johnson, represented the seller, Manny Khoshbin, with the Khoshbin Company, in the transaction.

"This transaction underscores the enduring appeal of prime Orange County real estate," said DeLorenzo, vice chairman at CBRE. "The redevelopment opportunity at 3150 Bear Street offered an exceptional combination of a highly sought-after location and significant developable land size in a thriving market. We continue to see robust demand for well-located real estate with redevelopment opportunities throughout Southern California."

MLC Land Holdings gained entitlements and intends to redevelop the property for residential use to accommodate 142 homes. The homes will include: 20 detached two-story single-family homes and 122 four-story stacked flats. This project will provide new housing in Costa Mesa that complies with State laws.

Situated on over six acres of freeway-fronting land, the building occupying the land totals 70,799 square feet directly across from South Coast Plaza, at the center of Orange County's arts and entertainment mecca.