A 70,799-square-foot office building located at 3150 Bear Street in Costa Mesa has been sold for $44,500,000. The property is situated in a market known for its commercial viability and potential. The asset is on a six-acre site across from South Coast Plaza, offering an opportunity for redevelopment.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $44,500,000
• Buyer: MLC Land Holdings Inc
• Seller: Manny Khoshbin - Khoshbin Company
• Brokers: Anthony DeLorenzo, Greg Sullivan, Sammy Cemo & Bryan Johnson - CBRE
• Square Footage: 70,799
• Price Per Square Foot: $629

The transaction involved key individuals from CBRE, who facilitated the sale to MLC Land Holdings Inc. The buyer intends to redevelop the site into a residential project featuring 142 homes, which includes 20 single-family units and 122 stacked flats.