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Lincoln Property Picks Up Newport Beach Asset for $32M
A joint venture between Lincoln Property Company and an unnamed institutional advisor acquired a seven-story, 90,715-square-foot office building located in Newport Beach, CA. 1500 Quail Street was divested by New York Life for $32.14 million.
Built in 1983 and renovated in 2017, the asset is situated on nearly five acres and is 91% leased to 17 tenants including Northwestern Mutual, Ticor Title, Alera Group, and BB&T.
NKF Capital Markets’ Paul Jones, Kevin Shannon, Blake Bokosky, Brunson Howard, Rick Stumm and Brandon White represented the seller. The buyer was self-represented.
“The seller has owned 1500 Quail for nearly two decades, and recently invested approximately $2 million in capital improvements, making this asset even more attractive to buyers seeking ownership opportunities in Newport Beach – one of the nation’s most prestigious business addresses,” said Jones.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


