Two-Lot Mixed-Use Changes Hands Along Newport Beach’s Marine Avenue

Faris Lee completed the sale of 325-331 Marine Ave. on Balboa Island, located in Newport Beach. Situated on two separate parcels, the property, a mixed-use storefront retail with two second-story residential units, sold for $4,400,000, representing a price of $1,193 per square foot for the building and $842 per square foot for the land.

Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky with Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented both the buyer and the seller.

“The offering presented a very rare and unique investment opportunity and was very attractive in the sense that the sale consisted of two adjacent lots / parcels along the coveted Marine Avenue on Balboa Island,” said Conover, “Very rarely does one lot become available, let alone two in this case, for this high-barrier-to-entry market. We believe this was a trophy real estate / pride of ownership investment for the buyer.”

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