Voit Real Estate Services Directs $4.2 Million Sale of Upgraded Newport Beach Office Building
Judith Brower/Jenn Quader
Brower, Miller & Cole
VOIT REAL ESTATE SERVICES DIRECTS $4.2 MILLION SALE
OF UPGRADED NEWPORT BEACH OFFICE BUILDING
Orange County, Calif., (July 12, 2012) – Tony Gleason of Voit Real Estate Services’ Irvine office has successfully completed the $4.2 million sale of an 18,066 square-foot office building located at 2350 SE Bristol St. in Newport Beach, Calif. on behalf of the seller. The building, currently occupied by Walldesign, a construction company, is unique in Orange County due to its extensive, high-end tenant improvements, building finishes and freeway visibility, according to Gleason, a Senior Vice President in Voit’s Irvine office.
Gleason represented the seller, Ru Investments, a private, Orange County-based investment firm, in the transaction. The buyer, Bristol Street Partners, was represented by Jim Schoolfield and Taylor Wood of Cresa Partners in Newport Beach.
“The office sales market in Orange County is becoming more active and competitive, and this transaction is demonstrative of this increased activity,” explained Gleason. “We were successful in generating a number of viable offers on the property, which speaks to both the quality of the asset, and the growing demand for high-quality, well-located office properties in Orange County.”
Highly upgraded office properties that are for sale in Newport Beach are especially scarce, according to Gleason, making this building a market standout. The property, which is visible from the freeway, is located off the 73 freeway at Birch Street.
Voit also directed Ru Investments’ initial acquisition of the building in 2003.
About Voit Real Estate Services
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.