7 Upper Newport Plaza – Newport Beach, CA

7 Upper Newport Plaza

Newport Beach, CA

Closed on the sale of 7 Upper Newport 62 days after listing it.

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SITUATION

  • Building was 100% leased when the tenant on ground floor placed space available for sublease.
  • Identified their need to vacate as an opportunity to sell the building to an owner user.

ACTION

  • Branded the building and emphasized creative lobby renovations within marketing collateral.
  • Created an occupancy cost analysis to educate buyers on the terms and economics of the ground lease.
  • Canvased market, calling on tenants with target square footage, talked to brokers, attended every tour.

RESULTS

  • Negotiated Lease Amendment for ground floor tenant lease to terminate within 60 days of close of escrow.
  • Successfully sold building within 2 months for $1,270,000.