Buchanan Street Partners recently purchased a 2-building, 42,697-square-foot office investment for $11,500,000. The buildings are located at 1400 & 1420 Bristol Street North in Newport Beach, CA. Combined, the two buildings are currently 100% leased with below market rents.
Buchanan will begin to execute a substantial capital improvement plan to upgrade the exterior of the buildings, enhance the common area spaces, add a shared elevator, improve signage identity, and address any deferred maintenance items.
“This investment, given its strong location at the 73 freeway, proximity to John Wayne Airport, and walkable retail amenities, provides significant optionality with varied business plan alternatives,” stated Matt Haugen, Vice President of Buchanan Street Partners. Haugen further cited, “We have had great success as a firm owning and operating real estate within Newport Beach. We are excited to be adding this property as well as continuing to look at opportunities to further grow our portfolio.”
CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson represented the seller in the transaction.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments. The Buchanan team has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing principal preservation.