Wilbur Smith III Of Greenlaw Partners Acquires Stonemill Design Center From Bruce Flatt For $36.3M

The mixed-use asset, located at 2915 Red Hill Avenue in Costa Mesa, consists of a seven-building flex office campus known as the Stonemill Design Center, spanning approximately 128,000 square feet and sitting on eight acres. It was sold for $36.3 million, translating to about $284 per square foot, with a current occupancy rate of 94%. This property is positioned near John Wayne Airport, highlighting its potential as a redevelopment opportunity.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $36,300,000
• Square Footage: 128,000
• Price per Square Foot: $284
• Address: 2915 Red Hill Avenue
• Market: Costa Mesa
• Buyer: Wilbur Smith III - Greenlaw Partners
• Seller: Bruce Flatt - Brookfield
• Broker: Kevin Shannon - Newmark
• Acres: 8
• Occupancy Rate: 94%

Wilbur Smith III represented Greenlaw Partners in the acquisition, while Bruce Flatt represented Brookfield in the transaction. The deal was facilitated by Kevin Shannon from Newmark, providing insights into the dynamics of the transaction through their brokerage expertise.