On behalf of Texas-based owner Third Palm Capital, Redwood West, a boutique real estate firm that specializes in tenant representation, leasing, and investment sales is offering 11 waterfront creative-office condominiums for sale at VUE Newport in Newport Beach, California. The project is the only ground-up waterfront office development to be for sale in Newport Beach in 28 years.
Located on the Balboa Peninsula on Newport Harbor, VUE Newport is a brand-new, mixed-use development surrounded by high-end residential, specialty retail, and contemporary eateries. Featuring open floor plates with bi-folding doors leading outside, the condominiums overlook Newport Bay and are only 100 yards from the ocean. The project consists of eight ground-floor condos and three second-floor condos ranging from approximately 680 square feet to 6,400 square feet, selling for between $1,100 per square foot and $1,300 per square foot, depending on location and views. Amenities include one fast-casual and one full-service eatery, three specialty retail shops, four per 1,000 square feet parking, priority access to public dock slips, preferred access to lease private slips accommodating boats up to 75 feet, use of the dog-walk area (commercial spaces are dog-friendly), and access to paddle boards and other water-activity equipment.
VUE Newport also offers the ability to live where you work, with a collection of residences for sale. The property includes 27 luxury bayfront villas and townhomes, which are being represented for sale by the Tim Smith Group of Coldwell Banker in Newport Beach. The residences front a quiet channel along Newport Bay, and many villas feature unobstructed bay views. In addition, every VUE flat and townhome spans up to 3,015 square feet and incorporates coastal modern architecture, gourmet kitchens, patios, and private garages. The commercial-office condos can also be connected with the residences.
Condo owners can also take advantage of prominent signage opportunities along Newport Boulevard, one of Newport Beach’s major thoroughfares.
Since 2004, Redwood West has handled the majority of the commercial leasing, sales and asset-management transactions in coastal Newport Beach — from Mariners Mile and Lido Village to Cannery Village and Balboa Peninsula, says Ben Gott, co-founder. John Pomer, also co-founder of the firm, says Redwood West worked closely with the Newport Beach community and City to revitalize commercial coastal development in Newport Beach, “There is plenty of waterfront residential development here, but given the barrier to entry for new, ground-up commercial development along this coast, it is likely this opportunity will never be recreated.”
The firm says Third Palm Capital has appointed Redwood West to handle the sale of the office properties due to its hyper-local expertise and relationships.