Steve Economos of NAI Capital Commercial in Newport Beach tells GlobeSt.com that the office building is about 80% occupied, so the school district's plan is to slowly take over the entire building as the leases of the current tenants expire. Economos and David Knowlton of the Newport Beach office of NAI represented the buyer and the seller. The building is a two-story structure with underground parking. Economos says the school district has not yet moved into the 20% of the building that is vacant and has not announced when it will make the move. He notes that when the district does relocate to the office building, it will be moving out of a former elementary school that it's been occupying on a temporary basis. The district will then sell the elementary school, which Economos says "will be a good site for an infill residential project.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
