NEWPORT BEACH, CA—GlobeSt.com has learned exclusively that privately held commercial real estate firm Khoshbin Co. has purchased three iconic retail-oriented properties in Newport Beach for $28.9 million from GP's Landing LLC. The properties, located at 2751 and 2801 Coast Highway and 2620 Avon, consist of 29,341 square feet and a marina and include two well-known landmarks here: Billy's at the Beach and the Ritz restaurant, formerly the Chart House.

SVPs Alton Burgess and Travis Haining of Lee & Associates Newport Beach represented the buyer, while Brian Barson, an associate from Lee Newport Beach, represented the seller. Khoshbin, based in Irvine, CA, specializes in acquiring, managing and repositioning class-A and -B industrial, retail and office properties.

"This opportunity defines once-in-a-lifetime for the local area, since these types of waterfront property rarely become available, including this transaction, which was completed without ever going to the open market," says Burgess. "The buyer is a local, very successful real estate owner who was looking to identify a trophy asset combined with excellent tenants, stabilizing the property to accommodate a 1031 exchange. The buyer succeeded on all fronts."

Newport Beach is one of the most exclusive submarkets in the country. As GlobeSt.com recently reported, according to JLL's recently released report about the most expensive streets on which to rent office property in America, Newport Center Drive in Newport Beach came in at #10 on the list overall and also came in at #5 most-expensive suburban street in the US, displaying vacancy near 11% and rent growth of 3.3% since 2013, with 2015 average rent at $51.72 per square foot.