NEWPORT BEACH, CA-Buyers have paid a total of more than $5.2 million for just under 12,000 sf of retail projects here and in the Inland Empire in two deals that averaged a combined nearly $450 per sf. One of the sales involved a retail center in an infill area of Newport Beach and the other a net leased investment in Riverside, illustrating the demand for Orange County properties as well as for net-leased investments throughout Southern California. The transactions were brokered by Sperry Van Ness and CB Richard Ellis.In Newport Beach, a private investor has purchased a 6,509-sf center at 3305 Newport Blvd. from a Northern California-based private investor for nearly $2.6 million, according to Sperry Van Ness. The price of nearly $400 per sf, which would be extremely high in some markets, is not uncommon for well-placed retail properties in the top Orange County markets. Mehran Foroughi of Sperry Van Ness in Irvine represented the seller, with the buyer represented by Robert Kugh of Team Spirit. Foroughi describes the property as “in a trophy location on the Balboa Peninsula area of Newport Beach.” Built in 1959, the property has more than 165 feet of frontage along Newport Boulevard and underwent extensive rehabilitation in 1988. It is 85% leased to more than half a dozen tenants. In the Riverside transaction, a private investor bought a 5,430-sf, freestanding AppleBee’s Restaurant at 3820 Mulberry St., adjacent to the Riverside (91) Freeway, from MDO Properties Inc., for nearly $2.7 million, or more than $490 per sf. Brian Bethea of the Newport Beach office of CBRE and Joe Miller of the Anaheim office of CBRE brokered the sale. Bethea and Miller, who have represented and sold four other AppleBee’s restaurants in the past 15 months, say the sale reflects both the success of the AppleBee’s restaurant concept and the popularity of net-leased, single-tenant investments among Southern California’s retail investors.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.