NEWPORT BEACH, CA—Three parcels of land located on thewaterfront and inland areas of Newport Beach wererecently purchased in a 1031 Exchange for $71.750 million.
Senior vice presidents John Martin andDavid Romero of Lee & AssociatesNewport Beach, represented the buyer, Manouch andMark Moshayedi, which was part of their exchange underChino Hills, LLC. The seller, ArdellInvestment Company, represented itself.
The property, located at 2101, 2201, 2200 West CoastHighway in Newport Beach, consist of two waterfrontparcels consisting of approximately 3.09 Acres and one Inlandparcel consisting of approximately 4.44 acres. The existing retailbuildings and land are 100% leased and the sellerwill lease back four buildings, along with several boat slips.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
