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Local Investors Acquire Prime Newport Beach Harbor Spot For $72M

Local real estate investors Manouch and Mark Moshayedi have snapped a prime 3.5-acre site on Pacific Coast Highway (PCH) along the Newport Beach harbor Mariner’s Mile from Ardell Investment Co for $72M.

The property includes the landmark Ardell Yacht and Ship Brokers  (pictured) and A’maree’s Sale Away retail shop. They also own the 4.4 acres across the street occupied by Sun Country Marine and Johnson’s Yachts.

While the new owners have no immediate plans for developing the property, Manouch said he plans to get community input before deciding on the type of development that fits the neighborhood, according to the Orange County Register. The City of Newport Beach has identified Mariner’s Mile for revitalization and is planning a land-use study for the stretch of PCH along Mariner’s Mile. Some elements under consideration are a pedestrian walkway along the bay and better views of the harbor from PCH. [OCR]