MGR Real Estate Acquires Canvas Costa Mesa Office Property For $91.5M

MGR Real Estate has acquired the Canvas Costa Mesa office property in California for $91.5 million. The 553,000-square-foot office space, located at 3070-3150 Bristol Street in Costa Mesa, was previously owned by Blackstone Group's EQ Office. In 2020, the property underwent a redevelopment and now offers creative office spaces. Currently, it is 68 percent occupied and comes with amenities such as a fitness center and conference center.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $91,500,000
• Square Footage: 553,000
• Price per Square Foot: $165
• Address: 3070-3150 Bristol Street, Costa Mesa
• Market: Costa Mesa

Leading the acquisition were Michael Rademaker and Tony Hermosillo from MGR Real Estate. Brian Bowis from Newmark acted as the loan broker in the deal.