Lee & Associates Brokers $25 Million Sale of Mariner’s Mile Marine Center
Torrance, CA – February 28, 2012 – (RealEstateRama) — Lee & Associates Investment Services Group, representing the seller, VMA Mariner’s Mile, LLC, has brokered the $25 million sale of the iconic Mariner’s Mile Marine Center in Newport Beach, Calif. Mark Larson, president of Lee ISG and who represented the seller, said the buyer, a local private investor, purchased the property because of its 300 feet of frontage on Newport Bay and “pride-of-ownership.”
“The property should greatly appreciate over time due to the potential to enhance the density of the project as well as it currently having some of the largest commercially zoned docks in the harbor,” said Larson. “In addition, the meticulous care provided by the ownership has attracted an impressive list of tenants, including Hornblower Cruises, Ocean Alexander Yachts, Bauer & Wiley, among many.”
Jayne Flinn, president of The Murrel Company, which had purchased the Marine Center 10 years ago, called the property one of the premier locations on the West Coast.
“Mariners Mile Marine Center is a world class property that captures the essence of Old Newport. Its eclectic nature and charm sets the bar for other bayfront commercial real estate,” she said.
Mariner’s Mile Marine Center, located at 2429-2507 West Coast Highway, is one of the premier mixed use projects on the West Coast. The property includes five buildings with a total of 29,458 square feet of office space, 6,693 square feet of shop space, 8,800 square feet of shipyard and 1,982 linear feet of boat slips. The New England style buildings were completely renovated in 2000.
About Lee & Associates-Investment Services Group:
Lee & Associates-Investment Services Group provides commercial real estate brokerage and advisory services to public and private investors, investment trusts, high net worth individuals and banks and lending institutions throughout Southern California and the nation. Utilizing a team approach that allows us to customize resources to the requirements of each assignment, we assist clients to capitalize on opportunities and build wealth while minimizing costs and mitigating risk. Our agents represent a comprehensive spectrum of expertise including acquisitions and dispositions, 1031 exchanges, real estate investment consulting, land assemblage, property and portfolio evaluation and market research and analysis for office, industrial, retail, shopping center, NNN and multifamily assets. As a member of the Lee & Associates Group of Companies we also provide our clients with access to local market expertise through 46 offices in California, Arizona, Florida, Georgia, Idaho, Illinoi s, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. For more information, contact us at 213-623-1305 or visit us online at www.lee-isg.com.
