Los Angeles –– CBRE arranged the $16.6 million (approximately $307 per square foot) sale of a 53,908-square-foot three-story, single-tenant office building in Costa Mesa, Calif. to Paris Baguette, a global bakery café chain with U.S. headquarters in New Jersey.
Simon Mattox, Bill Durslag, Kyle Woods, Joe Amecangelo, Carol Trapani and Taylor Friend of CBRE represented the buyer in this transaction. The seller was Caslo Development Inc.
Located at 3330 Harbor Blvd., the building will serve as Paris Baguette’s new West Coast regional office. The property includes a parking structure and atrium. The company plans a substantial renovation prior to occupying the space, including installing training and test kitchens and a large retail café.
“The team executed a well-designed plan to identify and analyze properties throughout Los Angeles and Orange County that had the potential to meet the client’s unique criteria,” said Mattox. “We identified an off-market opportunity through local relationships in Costa Mesa that was the perfect match for Paris Baguette. The deal was closed in less than 60 days despite COVID-related challenges and year-end holidays.”
The building provides easy access to the San Diego Freeway and is in proximity to John Wayne Airport, Long Beach-Daugherty Field Airport, the Santa Ana Commuter Rail and the Tustin Commuter Rail.
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.