The complex, known as Back Bay Center, stands at 2651 Irvine Ave. It encompasses 35,300 sf of retail and 17,700 sf of office space. The property was 98% occupied at the time of sale. The center's below market rents and close proximity to Newport Beach made it an attractive investment for the buyer, according to Sperry Van Ness broker Reza Etedali.
Etedali and his Sperry Van Ness colleague Mehran Foroughi acted on behalf of the seller, American Maxim. The buyer, Huntington Beach-based Back Bay Center LTD, was represented by Rod Apodaca of Sperry Van Ness.
"The buyer was a hands-on investor who syndicated the purchase of this property," says Etedali. Due to the poor performance of the stock market, there has been a great rise in the number of real estate syndicators who have investors that are now looking to acquire real estate, Etedali adds.
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