Local investor Khoshbin Co has acquired a group of waterfront properties in Newport Beach from Newport Beach-based GP’s Landing LLC for $28.9M.
The properties at 2751 and 2801 Pacific Coast Hwy and 2620 Avon, consist of a 29k SF site and marina and two popular restaurants—Billy’s at the Beach and the Ritz restaurant. The new owner, which is focused on adding value to well-located Class-A and B industrial, retail and office properties in need of updating and/or repairs, plans to stabilize the property for a 1031 exchange.
Brian Barson, an associate at Lee & Associates Newport Beach, who handled the deal for the seller, noted this offering represented a rare opportunity, since waterfront trophy properties seldom become available in Newport Beach, an affluent coastal community with some of the highest rents in OC, according to GlobeSt. Brian shared the listing with SVPs Alton Burgess and Travis Haining, also of Lee Newport Beach.
A recent JLL report noted Newport Center Dr in Newport Beach is the 10th most expensive streets in the nation for office rents and fifth for most expensive US suburban streets. [GS]
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