Shopoff Sells Two Southern California Office Condominiums

Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the sale of two office condos in its Waypoint Newport project. A Street Partners brokered the sale on behalf of Shopoff to two individual buyers.

Located at 4440 Von Karman Ave in Koll Center Newport, the sale included suite 270 totaling 1,579 square feet, along with suite 340 totaling 1,127 square feet. The project is one of the first office condo conversion projects in the area.

“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.”

Shopoff reported that 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, as well as many of Newport’s 5-star dining options and accommodations.

According to Shopoff, condo sizes range from 2,167 to 10,491 square feet, and the current asking price is $650 per square foot for all spaces. The building also just completed an entire remodel of the second-floor 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.

This sale is just the latest in a series of actions taken by Shopoff. Shopoff recently sold a Southern California housing development, while also resuming construction on its $550 million Las Vegas resort.

Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-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. Their history includes operating as Asset Recovery Fund, Eastbridge Partners, and Shopoff Realty Investments (formerly known as The Shopoff Group).

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