**Costa Mesa Office Building Sells for $44.5 Million, Slated for Residential Redevelopment**
CBRE has successfully arranged the $44.5 million sale of a 70,799-square-foot office building located at 3150 Bear Street in Costa Mesa. The property was purchased by MLC Land Holdings Inc., which has announced plans to redevelop the site into a residential community.
The sale was brokered by CBRE’s National Office Partners team, including Anthony DeLorenzo, Greg Sullivan, Sammy Cemo, and Bryan Johnson, who represented the seller, Manny Khoshbin of the Khoshbin Company.
Strategically situated directly across from South Coast Plaza, one of Southern California’s premier shopping destinations, the property offers a prime location for residential development. MLC Land Holdings plans to construct a total of 142 new homes—comprised of 20 detached, two-story single-family homes and 122 four-story stacked flats.
“This transaction underscores the enduring appeal of prime Orange County real estate,” said DeLorenzo. “The redevelopment opportunity at 3150 Bear Street offered an exceptional combination of a highly sought-after location and significant developable land size in a thriving market. We continue to see robust demand for well-located real estate with redevelopment opportunities throughout Southern California.”
The planned transformation reflects a growing trend of converting commercial real estate into residential use in response to market demand and urban growth.
