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NEWPORT BEACH, CALIF. — Coastal Commercial has brokered the sale of Balboa Theater, a nearly century-old landmark theater located at 707 E. Balboa Blvd. in Newport Beach. A local family office sold the asset to a local private real estate investor for an undisclosed price.
The new owner plans to restore the theater, which originally opened in 1928 as Ritz Theater. The theater ultimately closed in 1991 and despite previous restoration efforts, the property has remained closed for approximately 35 years.
Coastal Commercial represented the seller, while Christian Emerson of The Oppenheim Group represented the buyer in the transaction.