Newport Corporate Plaza
In June 2014, Kearny purchased 17 of the 24 properties (5 buildings as fee simple and 12 land parcels each subject to an individual ground lease) in the Newport Corporate Plaza office park for $41.5MM ($241 psf). The 17 buildings range from 7,300 to 14,450 sf.
Newport Corporate Plaza is a 24‐building, 20‐acre office campus in the John Wayne Airport submarket of Newport Beach. It is an A+ location with excellent access to the 405, 55 and 73 freeways. The buildings are single‐story, freestanding brick and glass in an attractive, low density campus setting with 4.1/1000 surface parking and a prominent Newport Beach address.
Completed in two phases in 1978 & 1979 by The Koll Company, it is located in Koll Center Newport. All buildings are on separate legal parcels. The site was re‐zoned in 2006 as MU‐H2‐ horizontal mixed use, and the City is supportive of residential redevelopment with zoning allowing for residential uses up to 50 du/acre, office, hotel or retail. Kearny was attracted to the acquisition due to the complexity of the structure, previous buyer’s failed attempts, and the optionality to pursue a long term, low risk core strategy, a value add individual building sale strategy, or an opportunistic residential entitlement strategy.
Voit Real Estate Services