By IvyLee Rosario
A joint venture between Lincoln Property Co. and an institutional advisor has purchased 1500 Quail St., an office building in Newport Beach, Calif., for $32.1 million. NKF Capital Markets represented the seller, New York Life, in the deal.
The property comprises 95,435 square feet across seven stories. Built in 1984, the asset was last renovated in 2017. Features include exterior balconies, contemporary interior finishes, a modernized elevator, 357 surface parking stalls, an exterior patio area, and flexible and efficient floor plates and suite sizes. The 4.8-acre 1500 Quail was 91 percent leased at the time of sale to 17 tenants including Northwestern Mutual, Intrepid, Alera Group, Ticor Title and BB&T. According to Yardi Matrix, there is one suite available on the second floor, totaling 1,386 square feet.
NKF Capital Markets’ Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones and Brunson Howard, Managing Directors Blake Bokosky and Rick Stumm, as well as Senior Associate Brandon White arranged the sale.
“The seller has owned 1500 Quail for nearly two decades and recently invested approximately $2 million in capital improvements, making this asset even more attractive to buyers seeking ownership opportunities in Newport Beach—one of the nation’s most prestigious business addresses,” said Jones, in a prepared statement. “Class A office assets in this market are extremely rare and we received a number of quality offers from a variety of high net worth and institutional investors.”
Also this month, in a joint venture with affiliates of Rockwood Capital, Lincoln Property Co. acquired the historic 332 Pine St., an office building in the financial district of San Francisco.
Image courtesy of NKF Capital Markets