California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Medical Practice Purchases Newport Beach Building
A three-story office building in Newport Beach, CA traded hands for more than $8 million, or roughly $372-per-square-foot, to a local orthopedic and pain management practice. The buyer was Regenerative Institute of Newport Beach, while the seller was Parr Property Management, Inc.
The medical practice plans to renovate and occupy the 50%-leased property located at 20341 SW Birch St., which totals 21,668 square feet. The property features glass windows, bayside views and creative buildouts. Current tenants include Clearview Investments Partners, LLC, and Force 10 Partners.
“This is a rare, jewel box building that sits in a coveted, high-barriers-to-entry market,” said CBRE’s Anthony DeLorenzo, who along with Gary Stache, Doug Mack, Bryan Johnson, Justin Hill and Taylor Friend of CBRE represented the seller. “It is in a primary, live-work-play location right off the 73 freeway, and is surrounded by world-class amenities and an exceptional labor pool,” he added.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


