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Family Sells Portfolio After 60-Year Hold

CORONA DEL MAR, CA—Burnham USA purchases a strategic commercial block of properties here in an off-market deal from the Franklin family, who purchased it in the early 1950s.

By Carrie Rossenfeld | Updated on March 31, 2014

CORONA DEL MAR, CA—Burnham USA has acquired a strategic commercial block of properties in Corona del Mar, a suburb of Newport Beach, from the Franklin family. The seller had purchased the portfolio in the early 1950s and has now sold the holdings to Burnham in an off-market deal for a price undisclosed to GlobeSt.com.

The acquisition spans a high-profile stretch of properties in the village beginning at the northwest intersection of Marguerite Ave. and East Coast Highway. Scott Burnham, CEO of the firm, tells GlobeSt.com that the acquisition encompasses five building tenancies: the Franklin Realty building on the hard corner, Papa’s Liquor, Directors Financial, Little Woman, and the famed Quiet Woman Restaurant. He says the firm has no immediate plans for redevelopment but intends to make some upgrades. 

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