January 21, 2016
Private investors have reportedly purchased three parcels of land located on the waterfront and inland areas of Newport Beach in a 1031 Exchange. The existing retail buildings and land are 100 percent leased.
The properties, located at 2101, 2201, and 2200 Pacific Coast Highway, consist of two waterfront parcels totaling approximately 3.09-acres, and one inland parcel totaling approximately 4.4-acres. The seller will be leasing back four buildings, along with several boat slips.
Lee & Associates’ John Martin and David Romero represented the buyer, Manouch and Mark Moshayedi. The acquisition followed an exchange under Chino Hills, LLC. The seller, Ardell Investment Company, represented itself.