NEWPORT BEACH, CA—Three parcels of land located on the waterfront and inland areas of Newport Beach were recently purchased in a 1031 Exchange for $71.750 million.
Senior vice presidents John Martin and David Romero of Lee & Associates Newport Beach, represented the buyer, Manouch and Mark Moshayedi, which was part of their exchange under Chino Hills, LLC. The seller, Ardell Investment Company, represented itself.
The property, located at 2101, 2201, 2200 West Coast Highway in Newport Beach, consist of two waterfront parcels consisting of approximately 3.09 Acres and one Inland parcel consisting of approximately 4.44 acres. The existing retail buildings and land are 100% leased and the seller will lease back four buildings, along with several boat slips.
Ardell Investment Company is an employee-owned investment manager. The firm invests in public equity markets.
Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with locations across the nation including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
