Chartwell Plans to Breathe New Life into Balboa Fun Zone

One of Southern California’s oldest amusement parks, Balboa Fun Zone, dates back to the early 1900s, born from an old boat yard owned by Fred Lewis. The mixed-use entertainment development in Newport Beach recently sold to Chartwell Real Estate Development for an undisclosed price.

Discovery Cube, a children’s science museum, sold the iconic property. The new owners are longtime residents of Newport Beach with plans to restore the historic landmark and continue to operate the property as the Balboa Fun Zone.

Located at 600 E. Bay Ave. along the Balboa Harbor adjacent to the Pacific Ocean, the 34,200-square-foot (0.785-acre) property offers 212 feet of waterfront and presently consists of a boardwalk with the Balboa Ferris Wheel, a 25-boat marina with 775 linear feet of docking, Fun Zone amusement park rides and attractions, and 16,660 square feet of mixed-use improvements.

A Cushman & Wakefield team led by Lars Platt partnered with Joseph Lising and Matthew Godman of the firm’s local Irvine office to represent Discovery Cube. Bob Thagard, also of Cushman & Wakefield, advised the Chartwell Real Estate Development buyer.

“The Fun Zone had not been actively marketed for sale for many decades, and therefore this offering was a true once-in-a-generation investment opportunity to own a piece of Southern California’s storied history,” said Platt. “There is tremendous potential to create future value of this special property situated in one of the most prestigious areas of the world and that contains so many irreplaceable attributes.”