Newmark has announced the sale of Bayside Square, a 34,943-square-foot office and medical office project situated directly across the harbor from Balboa Island in Newport Beach, CA.
Newmark Executive Managing Director Paul Jones, Co-Head of U.S. Capital Markets Kevin Shannon and Managing Director Blake Bokosky represented the seller, global real estate investment manager Invesco Real Estate. The buyer, Redwood West, was self-represented.
Built in 1980 and renovated in 2015, Bayside Square is located at 1101 and 1111 Bayside Drive and is situated on approximately 1.43 acres. The two-buildings are both two stories. 1101 Bayside Drive is fully occupied by CosmetiCare and 1111 Bayside Drive is 77 percent occupied by 16 tenants including Newport Academy and Mischler Financial Group. The property also includes 147 parking spaces.
“Office properties that are located directly adjacent to the water in Newport Beach are extremely rare. Bayside Square offered a prime waterfront location, existing cash flow, and strong upside potential after a significant capital reposition plan by the buyer,” said Jones.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $65.3 billion in real estate assets under management, 489 employees and 21 regional offices across the U.S., Europe and Asia (as of 06/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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