Michael R. Dorsey of the Newport Beach office of Grubb & Ellis reports that the Newport Beach-based buyer, a professional baseball sports agent, acquired the office building from ASWDSW LLC of Newport Beach for $5.38 million. Dorsey represented the seller, with the buying entity representing itself.
The property is a two-story garden office building at 18 Corporate Plaza. Dorsey says the new owner will be relocating to the Newport Beach facility from 3,800 sf of leased space in Irvine. The buyer is scheduled to occupy the building in September. Dorsey notes that the new owner has already begun a makeover of the property that will include a complete remodeling the freestanding brick, steel and glass structure to transform it into a showcase building.
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