Investment Summary
- Offering Price › $16,312,000
- Available Space Today› ±6,274 RSF
- Total Land Area › ±0.90 Acres
Investment Highlights
- 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 make 1601 Avocado a generational investment opportunity.
- High-Image Owner/User Opportunity
- The property offers 6,274 RSF of available space on the second floor with a five year lease in place on the first floor at $5.00/SF NNN to Newport Diagnostic Center, Orange County’s premier medical imaging company which has been in business since 1991. The ground floor lease allows tremendous flexibility for an owner/user as the in-place lease will provide passive cash flow and future expansion space.
- 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.
Contact Information
CBRE | Investment Advisors
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
Nicholas Svendsen
Lic. 01940653
+1 949 725 8471
nicholas.svendsen@cbre.com
NGKF | Investment Advisors
Paul Jones
Lic. 01380218
+1 949 608 2083
paul.jones@ngkf.com
Blake Bokosky
Lic. 01891944
+1 949 608 2094
blake.bokosky@ngkf.com
Specializing in the Sale of Low Rise Office and Industrial Properties in Southern California
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