CBRE Negotiates $5 Million Sale of Medical Office Building in Newport Beach, California

CBRE facilitated the $5 million sale of 1419 Superior Avenue, an 8,935 sq.-ft.-medical office building in Newport Beach, Calif., to a local owner-user.

CBRE's Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su represented the seller, Equity Enterprises LTD, in the transaction.

Situated in a prime location across from Hoag Newport Beach, a 498-bed acute care hospital, the property includes zoning that supports medical office use and is currently 62% leased to four tenants.

"Medical Office demand has continued to perform exceptionally well with the limited inventory and healthcare expansion occurring in Orange County," said Cemo, first vice president at CBRE. "We sourced multiple offers, but ultimately selected an owner-user that benefited from the Hoag proximity and the incredible Newport Beach demographics."

In addition to the property's strategic location near major healthcare facilities, it also benefits from a variety of retail and lifestyle amenities, including Lido Village, Triangle Square, Newport Beach Peninsula and the beaches of Newport Beach.