Donald Bren Of Irvine Company Acquires 1.26-Acre Development Site In Newport Beach For $32.5M

The asset involved in this transaction is a development site located at 150 Newport Center Drive in Newport Beach, CA. The size of the site is 1.26 acres, and it was sold for $32,500,000. This parcel was previously occupied by the Newport Beach Car Wash and now becomes part of the Irvine Company's broader housing initiatives in Newport Center.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $32,500,000
• Address: 150 Newport Center Drive, Newport Beach, CA
• Market: Newport Beach, CA
• Acres: 1.26
• Buyer: Donald Bren - Irvine Company

The Irvine Company aims to integrate this newly acquired site into its pipeline for residential development, potentially delivering over 1,500 housing units across multiple projects within Newport Center. This acquisition highlights the company's strategy to convert older commercial sites into residential developments to meet California’s housing mandates.