Matthew And Danielle Peters Acquire Balboa Theater In Newport Beach For $1.98 Million

The property asset involved in this transaction is the historic Balboa Theater located at 707 East Balboa Boulevard in Newport Beach, California. The sale price of the property was $1,980,000, and it encompasses a total area of 5,200 square feet. The property had been closed since 1991 and is designated for theater, cultural, and performing arts uses.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $1,980,000
• Address: 707 East Balboa Boulevard
• Market: Newport Beach, CA
• Seller: Balboa Theater Company LLC
• Buyer: Matthew & Danielle Peters
• Broker: Christian Emerson - The Oppenheim Group
• Price per Square Foot: $381
• Square Footage: 5,200

Matthew and Danielle Peters are the new owners of the Balboa Theater, which they acquired from Balboa Theater Company LLC. Christian Emerson of The Oppenheim Group represented the transaction as the broker. The new owners intend to undertake a restoration of the property, which remains restricted to specific cultural uses.