NGKF Capital Markets has completed the sale of Newport Irvine Center, a three-story, Class A, 76,837-square-foot office property in Newport Beach, CA. Located at 3300 Irvine Avenue, the property was 87 percent occupied at the close of escrow.
Paul Jones, Kevin Shannon, Blake Bokosky, and Robert Griffith of NGKF Capital Markets, represented the institutional seller, as well as the buyers, Newport Beach-based Cress Capital and New York-based C-III.
“Newport Irvine Center offered an investor a very rare Newport Beach ownership opportunity. This asset has historically attracted smaller tenants that want a high quality office environment with a convenient commute, while being immediately adjacent to the John Wayne Airport,” said Paul Jones, senior managing director with NGKF in its Newport Beach office.
Built in 1980 and renovated over the past few years, Newport Irvine Center is situated on 3.23 acres. It offers contemporary interior finishes, abundant landscaping with outdoor seating areas, ample surface and covered parking, and highly visible corporate signage opportunities. Newport Irvine Center includes tenants such as InstaMed Communications, Newport Back & Sport Institute, Klarin & Associates, CPA and Cambridge Financial Partners.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.