CBRE ANNOUNCES SALE OF 36-UNIT APARTMENT COMPLEX IN ADELANTO, CA, FOR $1.475 MILLION

26 Jun 2018

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CBRE announced the sale of a creative office campus in Costa Mesa, CA for $13.7 million.

Keith Black and Ross Bourne of CBRE represented the buyer, Dunbar Real Estate Holdings, in the transaction. The seller, Ko’s Baker Center INC., was represented by Tom Nguyen of Hopkins Real Estate.

Located at 660 Baker Street, this creative office campus, which is currently undergoing an extensive remodel, holds four different office buildings – a 7,700 square-foot single-story building and three two-story buildings between 14,869 square feet and 20,217 square feet -- and a revamped courtyard with outdoor workspaces and upscale furnishings.

The project totals 62,902 square feet. The campus, which was mostly vacant at the close of escrow, is undergoing a remodel that will be completed by the end of 2018. The overhaul of the site will continue the gentrification of the Baker/Bristol corridor that has been seen a number of creative office and retail projects come to the area over the past few years.

“It is a rare opportunity for a tenant to have their own creative-office campus in the heart of Costa Mesa,” said Black. “This state-of-the-art property will provide the kind of working environment companies are looking for today, especially after the new owner has completed the renovations to the buildings and common areas.”

Located in Costa Mesa, the 660 Baker Street is a short walk to clothing, lodging and a variety of retail amenities, such as The Camp, The Lab, Mitsuwa Marketplace, Wahoo’s Fish Tacos and Barley Forge Brewing Co. It is also in proximity to South Coast Plaza and John Wayne Airport. More than 587,005 inhabitants live within a 5-mile radius of the project.

The project has easy access to the 5, 55, 405, and 73-freeways and presents a high visibility location with major street frontage. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.