X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COSTA MESA, CA-Two retail properties here and in Newport Beach have traded for a combined total of more than $15 million, one of them a vacant 10,837-sf property that Walgreen’s acquired for $9.7 million, the other an oceanfront center that sold for $5.5 million. In the Costa Mesa transaction, Grubb & Ellis reports that the Walgreen Co. bought a center at 1726 Superior Ave. that formerly was anchored by a Tower Records store.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.