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News Release: JUST SOLD – Premier Coastal Medical Office Building Trades for Record-Setting Price in Newport Beach, CA

CBRE’s Investment Properties-So Cal team is pleased to announce the sale of 1601 Avocado Avenue in Newport Beach, California.

Anthony DeLorenzo, Gary Stache, Doug Mack, and Chris Bodnar of CBRE represented the seller, a private investor. The buyer, a renowned medical institution, will operate its first Orange County facility at the property. The sale reflected the highest price-per-square-foot value ever paid for a building above 10,000 square feet in Orange County.

Several of our past transactions have involved owner-user buyers paying premium pricing. If you would like us to advise you on how to maximize the value of one of your assets, please give us a call.

Anthony Delorenzo

Lic. 01706686

+1 949 725 8425

anthony.delorenzo@cbre.com

Gary Stache

Lic. 00773736

+1 949 725 8532

gary.stache@cbre.com

Doug Mack

Lic. 01804065

+1 949 725 8571

doug.mack@cbre.com

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