A two-floor, 15,200-square-foot office building at Newport Beach’s Fashion Island was sold for $11.5 million.
Olen Pacific Plaza at 1303 Avocado Ave., Newport Beach, was sold to a local family group, according to CBRE, the real estate advisory firm that helped broker the deal.
“The Fashion Island market within Newport Beach is one of the most coveted office markets in the country, driven by its coastal lifestyle, affluent demographics, and consistently strong tenant demand,” CBRE Vice Chair Anthony DeLorenzo said in a statement. “This sale is one of only seven office properties within Newport Center to transact within the last 10 years, making this a truly rare and strategic acquisition opportunity, and as such drew extremely high demand amongst the investment community.”
The seller was a local private partnership represented by DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su.
CoStar data shows Joan Edwards Randolph as the most recent owner.
Olen Pacific Plaza was built on nearly three-quarters of an acre in 1973. CBRE said the building was at 96% occupancy at the time of the sale.
Tenants, according to CoStar, include LTK Venture 1 LLC, The Management Works Inc., Maxim Hotel Brokerage and Meier Law Firm.
