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.
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