Costa Mesa Offices Sell for Residential Redevelopment
CBRE negotiated the $44.5 million sale of 3150 Bear St., a 70,799-square-foot office building in Costa Mesa. MLC Land Holdings Inc. acquired the property with plans to redevelop it for residential use. CBRE National Office Partners’ Anthony DeLorenzo, along with Greg Sullivan, Sammy Cemo and Bryan Johnson, represented the seller, Manny Khoshbin, with the Khoshbin Company.
The building occupying the land sits directly across from South Coast Plaza. MLC Land Holdings intends to build 142 homes on the site. The homes will include 20 detached two-story single-family homes and 122 four-story stacked flats.
“This transaction underscores the enduring appeal of prime Orange County real estate,” said DeLorenzo. “The redevelopment opportunity at 3150 Bear St. offered an exceptional combination of a highly sought-after location and significant developable land size in a thriving market. We continue to see robust demand for well-located real estate with redevelopment opportunities throughout Southern California.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout