Granite Properties offloads Newport Beach office as local vacancy declines

An Orange County office property sold recently, as vacancy rates slowly climb down from a recent peak. Granite Properties sold a 346,300-square-foot Class A office complex at 100 Bayview Circle in Newport Beach to a private investor, L.A. Business First reported. The six-story, two-building property sits on more than 6 acres and was 88 percent leased to 36 tenants at the time of the sale.  Terms of the deal, including price and the buyer’s identity, were not disclosed.  Texas-based Granite Properties purchased the property in 2018 from AEW Capital Management for $125.6 million, or $363 per square foot. Newmark’s Kevin […]

This article originally appeared on The Real Deal. Click here to read the full story.