|Available Space||Entire Building|
|5 Year Leaseback||4.62% Cap Rate|
Once in a Lifetime Investment
This rare opportunity to purchase a fee-simple medical property within Newport Center/Fashion Island, one of the most prestigious coastal and supply constrained submarkets in the country, with owned gated surface parking and no Irvine Company SLURS or CC&R’s makes 1601 Avocado a generational investment opportunity.
High-Image Owner/User or Investment Opportunity
The property offers 12,547 RSF of available space. Current ownership, Newport Diagnostic Center, Orange County’s premier medical imaging company which has been in business since 1991, would ideally like to leaseback 2,000 to 3,000 SF of space on the first floor for 5 years, but is also willing to leaseback the entire building at $5 NNN/sf/mo.
Superior Market Fundamentals
The 1,384,000 SF Newport Beach medical office market is one of the best performing medical markets in Southern California with an extremely low vacancy rate of 5.9%. The supply constrained medical market has no medical office development under construction. According to CBRE Econometric Advisors, Orange County is projected to realize over 30% rent growth over the next five years due to low vacancy rates and increasing job growth making it one of the top investment markets in the United States.
CBRE Investment Advisors
+1 949 725 8425
+1 949 725 8532
+1 949 725 8571
+1 949 725 8471
Newmark Knight Frank – Investment Sales
+1 949 608 2083
+1 949 608 2094
Cypress West – Local Market
+1 949 478 0087
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