Shopoff Realty Investments has successfully sold two office condominiums in the highly sought-after Waypoint Newport project, situated at 4440 Von Karman Ave. within Koll Center Newport in Newport Beach. This innovative project is one of the first of its kind to convert traditional office spaces into modern and versatile condo units.
The sale was brokered by A Street Partners on behalf of Shopoff, with two individual buyers acquiring Suite 270 (1,579 square feet) and Suite 340 (1,127 square feet). While specific pricing details were not disclosed, it was revealed that both condos were sold for over $600 per square foot.
According to William Shopoff, President and CEO of Shopoff Realty Investments: “In light of recent work-from-home policies dominating the employment market, it’s no secret that the office sector has faced challenges in recent years. However our team rose to this challenge by devising a creative value-add solution for this property – dividing up its total area of 50,279-square-feet into smaller individual units available for purchase.” As more business owners recognize the benefits and stability offered by owning their own workspace – similar to those enjoyed through home ownership – demand continues to rise for properties like Waypoint Newport’s unique office condos.
This article originally appeared on Connect CRE.
