Which Buyers Are Driving Up Deals in the Airport Area?

Jones: “Investors are looking for product that will differentiate themselves from the typical mid- or high-rise product in the Greater Airport area and something that today’s progressive tenant will want in order to retain and hire new talent.”

NEWPORT BEACH, CA—In the second half of 2016, new buyers—both foreign and domestic—and private buyers are driving office-sales transactions up and down the West Coast, including the Greater Airport area, Paul Jones, senior managing direct of NGKF Capital Markets’ Newport Beach office, tells GlobeSt.com. Jones, along with his team’s Kevin Shannon, Blake Bokosky and Robert Griffith, recently represented an institutional seller and buyers Newport Beach-based Cress Capital and New York-based C-III in the sale of Newport Irvine Center, a three-story, class-A, 76,837-square-foot office property at 3300 Irvine Ave. here; the property was 87 percent occupied at the close of escrow.

After examining the firm’s Q3 office report for Orange County, we noticed some interesting trends in the airport submarket, so we sat down with Jones for an exclusive interview on the subject.