NEWPORT BEACH, CA—GlobeSt.com has learned exclusively thatprivately held commercial real estate firmKhoshbin Co. has purchased three iconicretail-oriented properties in Newport Beach for$28.9 million from GP's Landing LLC. Theproperties, located at 2751 and 2801 Coast Highway and 2620 Avon,consist of 29,341 square feet and a marina and include twowell-known landmarks here: Billy's at the Beachand the Ritz restaurant, formerly theChart House.
SVPs Alton Burgess and TravisHaining of Lee & Associates NewportBeach represented the buyer, while BrianBarson, an associate from Lee Newport Beach, representedthe seller. Khoshbin, based in Irvine, CA, specializes inacquiring, managing and repositioning class-A and-B industrial, retail and office properties.
"This opportunity defines once-in-a-lifetime for the local area,since these types of waterfront property rarely become available,including this transaction, which was completed without ever goingto the open market," says Burgess. "The buyer is a local, verysuccessful real estate owner who was looking to identify a trophyasset combined with excellent tenants, stabilizing the property toaccommodate a 1031 exchange. The buyer succeededon all fronts."
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
