January 10, 2017 Comments Off on Shopoff Acquires Value-Add Newport Beach Office Asset Views: 457 California News, Orange County, West

Shopoff Acquires Value-Add Newport Beach Office Asset

Irvine, CA-based Shopoff Realty Investments purchased a three-story, 44,434-square-foot office building located at 4440 Von Karman Ave. in Newport Beach. The property was acquired from Canopi, LLC for $15.4 million.

Shopoff Realty Investments’ William Shopoff says, “This is a rare opportunity to acquire a value-add property in a very exclusive location in coastal Orange County.”

The 44%-vacant property is leased by CommerceWest Bank, DynTek and Johnson Attorneys Group. Shopoff believes it can lease-up the property and boost below-market rents, given the current market occupancy levels, demand and prime location.

CBRE’s Gary Stache, Doug Mack and Rick Sherburne represented the seller. The buyer was self-represented.

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