346K-SF Newport Beach Office Building Trades Hands

Granite Properties sold its 346,300-square-foot office building at 100 Bayview Circle in Newport Beach, California. An L.A. Business First report states the building was 88% leased at the time to 36 tenants.

Newmark brokers Kevin Shannon, Paul Jones, Ken White and Brandon White represented the seller in the transaction. Newmark’s Jonathan Firestone and Blake Thompson handled financing for the buyer, a private investor.

Granite Properties bought the property for $125.6 million in 2018 from AEW Capital Management.

Last year, Granite Properties sold Orange City Square, a business center in Orange, to MGR Real Estate Inc. for $89 million.

Orange County’s office market posted a 13.3% vacancy rate in the second quarter, according to a report by CBRE Research. Newport Beach, which sits in the county’s Greater Airport Area submarket, saw a 13.6% vacancy rate last quarter, with a Class A asking rent of $3.34 per square foot per month.

Connect

Inside The Story

Granite Properties

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

Order Reprints