Newport Beach Real Estate: What’s New for Commercial Real Estate in 2020

If you’ve been following commercial real estate activity lately in Orange County, you’ve witnessed a great mixture of new builds, sales, and revitalization projects that are bringing plenty of vitality and glamour to businesses and their consumers.

The AllWest Properties team has most recently discussed trends in Costa Mesa.  But there are plenty of exciting projects in Irvine, Laguna Beach, Huntington Beach, Tustin, and other cities around OC.  We’d like to spend a little time taking a look at some of the commercial real estate happenings and there’s plenty to be excited about in Newport Beach real estate.

With 2020 upon us, it’s a great time to look at commercial real estate options for your business or for investments.  

The biggest news should unfold in 2020.  The proposed Bayside Family Resort – a three-story, 200,000 square foot hotel would overlook the Newport Dunes lagoon. The hotel will include a restaurant, coffee shop, swimming pool, spa, tennis courts, fitness room, and a picnic area. 

Guests would enter the property from Bayside Drive off Pacific Coast Highway.

The city of Newport Beach is preparing an environmental impact report study and public review and could come to a vote by the middle of the year.

An existing hotel fetched quite a price in 2019.  The Newport Beach Bayview Marriott sold for $78 million. Clearview Hotel Capital LLC purchased the property from Host Hotels & Resorts.

On the apartment side – Waterford Property Company rang in 2019 with the purchase of the $30 million purchase of the Dover Heights Apartment Homes. The sale of the 66 units netted a per-unit price of $463,000.

We Work, despite dealing with some press adversity, opened up shop for a new members-only project in Bayview Towers. This space spans 50,000 square feet and can accommodate 800 We Work members.

2020 is sure to follow with more exciting sales, leases, and builds. How can we help your team with a commercial real estate transaction?

All West Properties offers a full range of real estate services including sales, leasing, buyer and tenant representation, seller and landlord representation, site selection and consulting services on office, retail, industrial, multi-family properties and triple net leased investments in Orange, San Diego, Los Angeles, Riverside, and San Bernardino Counties. 

With over twenty-five years in the real estate industry, we bring exceptional care and integrity to the real estate industry.  At Allwest Properties and Allwest Commercial, we are committed to representing all of our clients above and beyond their expectations. We provide friendly and professional real estate service to ensure the proper representation.  If you’re interested in Newport Beach real estate, you can reach out to our team here.

 

 

Testimonials

Ken E.

“Craig Wise did a great job in selling my rental property. He provided me with quality information about pricing it correctly, advertised and marketed it effectively, and provided solid guidance in negotiating a sales price. Craig was extremely professional in handling all aspects of my sale and got me top dollar for my property after only being on the market a few weeks. Craig will be my realtor for any future real estate needs.”

Robert B.

“I count it a great privilege to recommend Craig Wise for any of your Real Estate dealings. I first became acquainted with Craig as we worked side by side in the Real Estate Department of a major lender. During the fifteen years we have know each other we have gone from coworkers to good friends. I have always know Craig to deal with people with the utmost of character. This is the reason that when my son and daughter-in-law were first time buyers and I asked Craig to assist them through the entire process and he made sure the transaction went smoothly. You will not find someone who combines knowledge, skill and integrity to a greater degree than Craig.”

Estella G

“I have known Craig Wise for over twenty years on both a personal and business level. Craig has done a phenomenal job in building a loyal list of clients and a very professional image. Craig’s success stems from his ability to keep his client’s needs a high priority and consistently meeting expectations, even in the toughest markets. My house was recently sold by Craig in only 2 weeks. He thoroughly impressed me with his tenacity and dedication in finding me a single story home in this challenging market. Craig is an ideal realtor, he is a savvy yet humble individual, has a very energetic work ethic, is always eager to go above and beyond for his clients.”

Chris Z

Craig – thank you, I sincerely appreciate your dedication to getting things accomplished with the commercial association. You showed great fortitude given the difficult personalities over the years and I thank you for everything you have done