The biggest property owners in the Mariners Mile area of Newport Beach have added another building to their holdings.
An LLC with ties to local resident Manouch Moshayedi recently closed on the purchase of a roughly 17,600-square-foot office at 2244 W. Coast Highway.
The two-story, multitenant building sold for about $8 million, or $454 per square foot, according to CoStar Group Inc. records. It sits on the inland side of the highway next to the Sun Country Marine yacht center.
An affiliate of Dallas-based Third Palm Capital sold the office, which it bought in 2014 for a reported $6.4 million.
Moshayedi and his family are the biggest property owners in the Mariners Mile section of Coast Highway, which stretches about 1.4 miles between Newport Boulevard and Dover Drive. The high-traffic area is home to an eclectic mix of restaurants, offices and maritime-related businesses.
The family has spent more than $130 million over the past eight years on a variety of buildings and land along the stretch, according to property records. Much of it’s operated under MX3 Ventures.
Moshayedi was a co-founder and one-time chairman and chief executive of Santa Ana-based computer storage device maker STEC Inc.
His brother Mark—another STEC co-founder—also owns area property, as does his brother, Mike, who also had ties to STEC, which sold in 2013 to a San Jose-based subsidiary of Irvine-based Western Digital Corp. for $340 million. It now operates as part of Western Digital unit HGST Inc.
Much of the family fortune has been reinvested in commercial real estate since the STEC sale, particularly in Newport Beach.
“The area is a good long-term investment,” Manouch Moshayedi told the Business Journal last year. “These are one-of-a-kind properties.”
Cypress Swap
The 46,037-square-foot Cypress Center in Cypress has a new owner. An affiliate of Los Angeles-based Gershman Properties, which buys and manages strip and neighborhood shopping centers, primarily in California, recently closed on the property, which is at the northwest corner of Knott and Katella avenues.
It sold for a little under $22.1 million, or $479 per square foot, according to the Western retail division of CBRE Group Inc., whose brokers marketed the property for sale.
The center, whose small-sized tenants include a Carl’s Jr. and a Chipotle, was last owned by Dallas-based Crow Holdings, which acquired it in 2014 for an undisclosed price. It’s next to a Target that wasn’t included in the sale.
CBRE also arranged a 10-year, fixed-rate loan locked near 4% for the new owners.
Gershman’s other local retail holdings include Yorba Ranch Village, a 36,234-square-foot strip center in Yorba Linda.
Double Sized
Australian industrial developer Goodman Group, whose U.S. operations are based in Irvine, said it’s landed e-commerce giant Amazon for a second massive fulfillment and distribution building it has under development in Eastvale in northwestern Riverside County.
Amazon this month announced it had committed to a 1-million-square-foot building at the developer’s Goodman Commerce Center Eastvale project. Goodman Group earlier leased another building of the same size to Amazon there in a deal announced in mid-2016. The first building is now open, and the second will be occupied by Amazon next year, the companies said.
The properties are part of a 205-acre mixed-use development along the I-15 freeway.
Goodman Group’s North American arm used to operate as Goodman Birtcher. Brandon Birtcher, who’d led the company’s local office and the North American division upon its formation in 2012, left the company last year.
Atlanta Buy
KBS Strategic Opportunity REIT, a unit of Newport Beach-based investor KBS Realty Advisors, has paid $83.4 million for a two-building office property in the Atlanta suburbs.
Crown Point in Dunwoody, Ga., totals about 500,000 square feet. It was built in the 1980s and was 72% leased at the time of sale, according to KBS, which took out a $62.5 million loan to finance the deal.
