The Orange County office market continues to see properties enter the sales market with more commercial assets being offered up for sale. Following similar recent listings in the area, a 43,249 square foot office property known as Newport Victoria Plaza has hit the market in the City of Costa Mesa. The building is located on approximately 1.64 acres of land at 2183 Fairview Road. The sale price is $12.326 million, or $285 per square foot.
The property is marketed by the CBRE team of Sammy Cemo, Anthony Delorenzo, Bryan Johnson and Nick Williams. Property records show that the building is currently owned by an entity that shares an address with Beverly Hills-based Black Equities Group.
Newport Victoria Plaza is a Class B two-story building originally constructed in 1984. The marketing materials state the property has been recently improved and offers a flexible office space for tenants or a new owner-user. The building has current occupancy of close to 33 percent, with current tenants including Optima Ultrasound, Greenpeace Orange County and US Direct Protect. The commercial asset offers 78 surface and 57 covered parking spaces.
Situated at the junction of Fairview Road and Newport Boulevard in Costa Mesa, this asset is in close proximity to Newport Beach and has access to the South Coast Metro and Fashion Island, offering a wide array of entertainment, shopping, dining and outdoor venues. With its location next to California State Route 55, the asset also has connectivity to major thoroughfares such as US Interstate Highway 405, California State Route 73, as well US Interstate Highway 5 and the John Wayne Airport nearby.
Adding to the commercial market sale offers in the area, The Registry recently reported on the offer for sale of a 24,000 square foot office asset listed at $21.5 million in the neighboring town of Newport Beach. Located at 1701 Quail St. on a 1.2-acre parcel, this building spans two stories and was completed in 2017. The property also offers additional amenities that include an indoor gym featuring a basketball court, along with locker rooms and showers.
Based on the recently published CBRE’s Investor Survey, Orange County stands out as one of the prime gateway investment markets with a thriving job market and an appealing quality of life. Over the past decade, there has been notable growth in the low-rise sector, surpassing high-rise properties in terms of vacancy reduction and rental rate escalation. CBRE reports that as of the third quarter of 2023, direct vacancy rates for low-rise office spaces stood at 8.8 percent, significantly lower than the broader office market. CBRE anticipates this trend to persist well into the foreseeable future.
