The Balboa Fun Zone located at 600 E. Bay Ave. in Newport Beach dates back to 1913. The property consists of a 34,412-square-foot site featuring 212 feet of waterfront space along Newport Harbor.
The Fun Zone property has not been actively marketed for sale in decades and its offering represents a once-in-a-generation investment opportunity, say brokers associated with the listing. The current below-market performance of the property relative to the surrounding strength of the location presents an upside opportunity for investment and development.
The property includes four components:
A 16,666-square-foot retail and entertainment building (Fun Zone) which is 33.5 percent occupied
A 21,400-square-foot Marina in need of reconfiguration
The Edgewater Place boardwalk which includes the Balboa Ferris Wheel, three amusement park rides and space for future attractions
A 58-stall subterranean parking garage
The Fun Zone is located within the Balboa Village neighborhood of the Newport Beach Peninsula within Newport Harbor, possibly the strongest trade area in Southern California. It is positioned at the landing for the Balboa Island Ferry and the Catalina Flyer.
The city includes 89,000 residents with a corresponding 2020 average household income of $207,976, which is nearly twice the average for the state. The Newport Harbor retail trade area has a direct vacancy rate of just 1.8 percent and average rental rates of $54.96 per square foot annually on a NNN basis.
Cushman & Wakefield of California Inc. is marketing the opportunity.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.