Shopoff Realty Acquires $15M CA Office Asset
The property was 44 percent vacant at the time of acquisition, with a forecast to grow 33.5 percent over the next five years.
By Adina Marcut
4440 Von Karman Ave., Newport Beach, Calif
Newport Beach, Calif.—Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, recently announced the $15.4 million acquisition of a three-story, 44,434-square-foot office building located at 4440 Von Karman Ave. in Newport Beach, Calif.
“We are employing our strategic plan to actively lease up the property and to increase rents that are currently below market rates,” David Placek, executive vice president, said in prepared remarks. “With high market occupancy, upward momentum on rental rates and an attractive location, this asset is well positioned to be stabilized in the near future.”
Currently leased by CommerceWest Bank, DynTek and Johnson Attorneys Group, the property features lush landscaping, an elevator and abundant common parking. The building was 44 percent vacant at the time of acquisition, in a market with an 8.5 percent vacancy rate and rents forecasted to grow 33.5 percent over the next five years.
Image via Google Street View
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