Avison Young completes $3.575 million sale of an office property for redevelopment within an Opportunity Zone in Costa Mesa, CA23 Jan 2020
Irvine, CA – Avison Young announced today the $3.575 million sale of a garden-style office property located at 777 to 779 W. 19th Street in Costa Mesa, CA. The 11,316 square-foot (sf) property is situated on .73 acres of land and is within an Opportunity Zone. The new ownership is looking to redevelop the property as a mixed-use project.
Avison Young’s Peter Hauser, Matt Hauser and Masa Ito in the company’s Irvine, CA office, represented the seller,19thStreet, LLC, based in Newport Beach. The 1031 exchange buyer was a Newport Beach-based private investor, who was represented by Steven Lambert of Nook Real Estate.
“With a prime location in a coastal Orange County Opportunity Zone, our team had significant investor interest in this property with more than 20 offers submitted,” said Peter Hauser. “The buyer plans to operate the office property, while undergoing entitlements for a mixed-use development that would include a small commercial ground floor component and 16 to 24 residential units. The entitlement process for the redevelopment is estimated to take 10 months.”
Located at 19th Street and Placentia Avenue in Costa Mesa, the site is within in a dense, infill location that is a short drive to retail, dining, and entertainment amenities, as well as Newport Beach, Pacific Coast Highway, and the 57 freeway.
Peter Hauser noted that the Opportunity Zone designation is helpful in providing federal tax incentives for capital gains tax treatment. Part of the qualifications include substantial renovations to the existing property or a complete demolition to provide a new ground-up development.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224