Cushman & Wakefield 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.
According to Lising, “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.”
Lising also noted that “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 banana stands, Dad’s Donut & Bakery Shop and Sugar ‘n Spice, shops made famous by the hit TV series “Arrested Development,” after inspiring the show’s two make-believe banana stands.”
The 323 Marine property is also near renowned developments and attractions including the thriving Balboa Village featuring the Balboa Fun Zone (which Lising also brokered the sale of the landmark amusement property in 2021), Lido Marina Village, Lido House, Newport Beach, and Balboa Pier.
Cushman & Wakefield is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation. For additional information, visit www.cushmanwakefield.com.
