Newport Beach, CA – May 7, 2024 – Faris Lee Investments, a leading national retail investment firm, is thrilled to announce the successful completion of the sale of 325-331 Marine Avenue on Balboa Island, situated in the city of Newport Beach, California. The property, a coveted mixed-use storefront retail with two, 2nd story residential units, situated on two separate parcels, has been sold for $4,400,000, representing a $1,193 price per square foot for the building and an $842 price per square foot for the land.

Jeff Conover, Shaun Riley, Scott DeYoung, Greg Lukosky with Faris Lee Investments, along with Greg Swedelson & Jon-Eric Greene with SSG Realty Corp represented both the buyer and the seller in this transaction.

The investment represented a generational opportunity to acquire the fee simple interest (land and building) of a premier retail / residential destination along Marine Avenue. The property features four tenants, blending two street retail shops and two upstairs residential units, strategically positioned amidst an array of coastal boutiques, art galleries, and dining establishments.

"The offering presented a very rare & unique investment opportunity and was very attractive in the sense that the sale consisted of two adjacent lots / parcels along the coveted Marine Avenue on Balboa Island" said Jeff Conover, Managing Principal at Faris Lee Investments. Furthermore, "Very rarely one lot becomes available let alone two in this case for this high-barrier of entry market. We believe this was a trophy real estate / pride of ownership investment for the buyer."

Despite some challenges, Faris Lee Investments conducted a robust marketing strategy to showcase the property's potential as a value-add investment. The demand for both commercial and residential on Balboa Island remains consistently high, demonstrating a proven capacity to absorb small-scale developments, this coupled with short-term leases and the potential to bring rents to market, makes this property a rare value-add play in the future.

The results speak for themselves: the property generated significant interest, attracting multiple qualified buyers within one week of FLI target marketing commencement. Escrow closed within 24 days at 99% of the listing price, demonstrating the efficiency and effectiveness of Faris Lee Investments' approach.

"This sale exemplifies the strong demand for well-positioned retail assets in locations like Balboa Island," remarked Scott DeYoung, Senior Managing Director at Faris Lee Investments. "We are pleased to have partnered with SSG Realty Partners, LLC to achieve this exceptional outcome for all parties involved."

About Faris Lee Investments:

Faris Lee Investments is one of the leading retail investments firms in the US and is one of the original firms specializing in retail investment sales throughout the country. Faris Lee combines underwriting and market research that exceeds industry standards with a custom strategy to maximize values for their clients’ .The firm also serves as high level investment advisors in the areas of dispositions, acquisitions & recapitalizations as well as, distressed asset disposition, portfolio sales, and corporate sale-leaseback. For more information, visit www.farislee.com

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