Newport – Sept. 16, 2021 – CBRE announced that an office property in Costa Mesa, Calif. sold to local real estate investment firm Khoshbin Company for $22 million.
Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Justin Hill of CBRE represented the seller in the transaction. The buyer was self-represented.
Located at 3150 Bear Street, the 66,652 square-foot property was originally constructed in 1978. The building was renovated in 1996 after it was purchased by Trinity Broadcasting Network, which occupied the building until 2017.
The 6.19-acre site is adjacent to I-405, connecting Costa Mesa to the rest of Southern California. The buyer plans to occupy and renovate the property to include a car museum, on-site restaurant, coffee shop, private members club and multi-tenant creative offices.
“This is an iconic asset in Orange County and offers the new owner an incredible repositioning opportunity in a prime location,” said DeLorenzo. Stache added, “CBRE helped the client source a large bidder pool and obtained peak pricing with a quick close.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.