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Shopoff Sells Two Southern California Office Condominiums for More Than $600 per Square Foot

The Waypoint Newport project is one of the first office condo conversions in the airport area.

NEWPORT BEACH, Calif., March 13, 2024 /PRNewswire/ — Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today the sale of two office condos in its Waypoint Newport project, located at 4440 Von Karman Ave in Koll Center Newport. The project is one of the first office condo conversion projects in the area. A Street Partners brokered the sale on behalf of Shopoff to two individual buyers, that included Suite 270 totaling 1,579 square feet, and Suite 340 totaling 1,127 square feet.

“It is no secret that the office market has suffered in recent years as work from home policies dominate the employment market,” explained Shopoff President and CEO William Shopoff. “Our team crafted a creative value-add solution for this office product, portioning off this 50,279-square-foot property into individual units for sale. As business owners are seeing the advantages of office ownership, not dissimilar to those of home ownership, office condos like Waypoint Newport are increasingly in demand.”

The Waypoint Newport is Newport Beach’s only for sale Class A office condos currently on the market. Located in Koll Center Newport on MacArthur Blvd. and Jamboree Blvd., the property boasts an ideal location close to the 73, 405 and 55 Freeways and Newport’s 5-star dining and accommodations. 

The Waypoint Newport project has condo sizes ranging from 2,167 to 10,491 square feet. Current asking price is $650/square foot for all spaces. The building just finished an entire remodel of the second and third floor corridors and restrooms.

“Based on our review, office redevelopment projects are at an all-time high, often converting to multifamily, medical, or industrial, and are overwhelming city staff. These projects are also incredibly costly and time-consuming. Office condo conversion provides an alternative that fills a market need while avoiding redevelopment costs,” Shopoff added.

For more information on the remaining units at Waypoint Newport please contact:
[email protected] or [email protected].

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About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 32-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets, and development projects. The 32-year history includes operating as Asset Recovery Fund, Eastbridge Partners, and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.

Disclosures
This is not an offering to buy or sell any securities. Such an offer may only be made through the offering memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities are offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.

Contact:
Jill Swartz
Spotlight Marketing Communications
949.427.1389
[email protected]

SOURCE Shopoff Realty Investments

Originally published at https://www.prnewswire.com/news-releases/shopoff-sells-two-southern-california-office-condominiums-for-more-than-600-per-square-foot-302087715.html
Images courtesy of https://pixabay.com

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