13 hours ago
- Business
- Los Angeles Times
Cushman & Wakefield Arranges Record-Setting Sale of Balboa Island Mixed-Use/Retail Property
Property sold and acquired by Newport Beach-based investors
Cushman & Wakefield has announced the firm has brokered the record-breaking sale of a freestanding 1,300-square-foot mixed-use/retail building situated within Balboa Island's iconic shopping district in Newport Beach. Located at 323 Marine Avenue, the property is currently leased to Blue Canoe and sold for approximately $2.2 million or $1,692 per square foot.
The property was acquired by a Newport Beach-based investor. The seller was a Newport Beach family office that previously owned the property for over 30 years.
Joseph Lising, managing director, and Nathan Demosthenes, director, with Cushman & Wakefield's Capital Markets & Retail Services represented the seller in the transaction. According to the team's tracking, this was the highest price per square foot ($1,692) that a retail property has been sold for on Balboa Island on record.
Lising said, 'This is a special property in the heart of Balboa Island, a true one-of-a-kind experience and one of Southern California's most coveted coastal destinations. This highly visible location offers an exceptional storefront presence in a high-foot-traffic location, surrounded by boutique shops, upscale dining and a steady flow of residents and year-round visitors. The record price/sf achieved speaks to the strength and desirability of this local coastal location plus the asset's overall nature. The property also benefits from the area's limited retail supply and consistently high demand, which contributed to it being a sought-after asset.'
'Interestingly and uniquely, 323 Marine was originally built in 1930 and originally served as a joint fire and police station location for Newport Beach. The property also sits across from two popular real-life banana stands, Dad's Donut & Bakery Shop and Sugar 'n Spice, shops made famous by the hit series, Arrested Development, after inspiring the show's two make-believe banana stands,' noted Lising.
323 Marine is also near renowned developments and attractions including the thriving Balboa Village, featuring the Balboa Fun Zone (which Lising also brokered the sale of in 2021), Lido Marina Village, Lido House, Newport Beach and Balboa Pier. Together, these destinations attract many millions of visitors annually with world-class beaches, sailing, sport fishing, whale watching and The Catalina Flyer. The Balboa Island Ferry connects the community and the property, providing a unique service that runs as a main appeal to tourists from around the globe.
Information sourced from Cushman & Wakefield. Learn more by contacting
