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October 18, 2018 Comments Off on Invesco Divests Pair of Waterfront Office Buildings Views: 4286 California News, Orange County

Invesco Divests Pair of Waterfront Office Buildings

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Newport Beach, CA-based Redwood West acquired Bayside Square, a two-building roughly 40,000-square-foot office and medical project on the bayfront in Newport Beach. Through the entity Bayside Square Investments, LLC, John Pomer, Ben Gott and Korbin Duley of Redwood West purchased 1101 and 1111 Bayside Dr. for an undisclosed amount in an off-market deal from Invesco Real Estate.

NKF’s Paul Jones, Kevin Shannon and Blake Bokosky represented the seller. The buyer was self-represented.

Pomer says, “There are only three buildings considered part of the Newport Center / Fashion Island waterfront, and we now own two of them.”

Currently nearly 88% leased, the project is well-stabilized and leased to a diverse tenant mix. The property will undergo a renovation to enhance its overall image and accentuate the irreplaceable nature of the waterfront real estate. The new owners plan to re-brand the property and upgrade the interior and exterior, allowing tenants to take advantage of the indoor–outdoor waterfront experience.

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