Newport Beach, CA (March 9, 2023) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, sold a two-building, 42,697-square-foot office property to a private Newport Beach real estate firm for $20.4 million.
Buchanan purchased the offices in 2020 for $11.5 million with plans to execute an adaptive reuse plan for the property located at 1400 and 1420 Bristol Street North. Built in the late 1970s, it was 22 percent leased at the time of sale.
Matt Haugen, Senior Vice President, Buchanan Street Partners, said, “We were in the process of implementing the adaptive reuse of the buildings when we entered into negotiations with a residential developer. Based upon the property’s flexible zoning, we were able to accelerate our investment realization through a sale to the residential developer.”
Buchanan continues to seek out well located office properties for conversion to medical office or life science space, based upon continued strong tenant demand in those sectors.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested over $8 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to maximize value while prioritizing capital preservation. www.buchananstreet.com