CORONA DEL MAR, CA—An unnamed seller is offering a 35,384-square-foot, two-building waterfront office complex here for sale. Bayside Square at 1101 and 1111 Bayside Dr. is currently 80% occupied and is a unique bayfront property with views of Newport Bay. GlobeSt.com was unable to reach the parties involved prior to deadline to learn more about the seller, but public records indicate that the owner is a Nevada-based entity known as EMC Bayside LLC, which purchased the property in mid-2011 at about 50% occupied.
Stream Realty Partners, in conjunction with Ron M. Pelleg, is marketing the property on behalf of the owner. Stream tells GlobeSt.com it considers the property unique in that it sits right on the water, so most of the office spaces in the buildings have ocean or bay views. Adjacent to the Newport Beach Yacht Club and nearby abundant executive housing, Bayside Square is expected to fetch between $28 million and $30 million.
Built in 1984, the property can accommodate both office and medical tenants seeking space up to 4,839 square feet. Each two-story building features abundant parking underneath and surrounding the structures and provides immediate access to the Bayside Marina. It is also close to Fashion Island, Pelican Hill and the I-405, CA-55 and CA-73 freeways. Law firms, financial organizations and medical practices are being targeted as tenants.
As GlobeSt.com reported in June 2013, Corona del Mar is one of the upscale coastal California areas that is running counter to the trend of discount big-box rent for retailers that has taken hold in many parts of the state. David Bradley, a senior associate with JLL, told GlobeSt.com that the coastal area of Orange County (Irvine, Newport Beach, Corona Del Mar, Laguna Beach, Mission Viejo, El Toro, San Clemente, San Juan Capistrano, etc.) is showing a strong rebound with deals in the $39 to $51 range.