Chartwell Real Estate Acquires Iconic Balboa Fun Zone in Newport Beach
NEWPORT BEACH, CALIF. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price.
The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s.
Located at 600 E. Bay Ave., the 34,500-square-foot property offers 212 feet of waterfront space, the Edgewater Place boardwalk, the Balboa Ferris Wheel, a more than 25-boat marina with 775 linear feet of docking, Fun Zone amusement park rides and attractions, 16,000 square feet of mixed-use improvements, and a 58-stall subterranean parking garage.
Lars Platt, Joseph Lising and Matthew Godman of Cushman & Wakefield represented the seller, while Bob Thagard of Cushman & Wakefield represented the buyer in the transaction.