Shopoff Realty Investments has acquired a three-story, 44,434-square-foot office building at 4440 Von Karman Ave. in Newport Beach for $15.4 million.
“This is a rare opportunity to acquire a value-add property in a very exclusive location in coastal Orange County,” said Shopoff Realty Investments Chief Executive Officer William Shopoff. “We were pleased that our unique relationships and capabilities led to the sourcing of this asset and the ability to complete the complex transaction successfully.”
Featuring lush landscaping, an elevator and abundant common parking, the property is leased by CommerceWest Bank, DynTek and Johnson Attorneys Group.
The building was 44 percent vacant at the time of acquisition, in a market with an 8.5 percent vacancy rate and rents forecasted to grow 33.5 percent over the next five years.
“We are employing our strategic plan to actively lease up the property and to increase rents that are currently below market rates,” said Executive Vice President David Placek. “With high market occupancy, upward momentum on rental rates and an attractive location, this asset is well positioned to be stabilized in the near future.”
For additional information, please visit shopoff.com.