Dunbar Real Estate Holdings has acquired a creative-office campus at 660 Baker Street in Costa Mesa, California, for $13.7 million from Ko’s Baker Center Inc.
The asset, 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.
Keith Black and Ross Bourne of CBRE represented the buyer in the transaction. The seller was represented by Tom Nguyen of Hopkins Real Estate.
“It is a rare opportunity for a tenant to have their own creative-office campus in the heart of Costa Mesa,” Black says. “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.”
660 Baker Street is a short walk to clothing, lodging, and 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 five-mile radius of the project. The project has easy access to the I-5, 55, 405, and 73 freeways and presents a high visibility location with major street frontage.