A 22,956-square-foot office building on 1.7 acres at 1401 Quail St. in Newport Beach was bought by Intracorp Homes, a Canadian homebuilder, on July 18 for about $16.8 million, according to CoStar data.
The single-level office building, occupied by tenants such as Sunpeak Construction and United American Properties at the time of the sale, sold for about $730 per square foot. Newport Beach-based Light & Associates was the seller, per CoStar.
Intracorp filed paperwork with the city of Newport Beach to demolish the office building at 1401 Quail St. and build 67 for-sale condominiums with 146 parking spaces, according to public documents.
Newport Beach’s City Council approved Intracorp’s proposal in April 2024.
