The sale, at $900 per sf, sold for a record price per sf for a Costa Mesa retail property of its type, according toRyan Gallagher and Michael Randall of the Newport Beach office of Grubb & Ellis. Gallagher and Randall represented the seller of the center, Superior LLC.
The 1726 Superior Ave. building occupies a site near the intersection of Newport Boulevard and 17th Street. Walgreens, which plans to open a new store at the center, was represented by Richard and Scott Landess of Strategic Properties. Gallagher notes that the property has significant exposure to traffic, with counts of 135,000 cars per day from high-end coastal communities of Balboa, Lido and Linda Isles and Newport Beach.
The Newport Beach property that sold was a mixed-use retail/apartment building at 514 East Oceanfront, according to Marcus & Millichap. The transaction was brokered by Evan C. Barry and John Reinhardt of the Marcus & Millichap Newport Beach office, who represented of both the seller and the buyer, an investment firm from Scottsdale, AZ.
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