Faris Lee Investments, SSG Realty Corp. Broker $4.4M Sale of Mixed-Use Property in Newport Beach, California

NEWPORT BEACH, CALIF. — Faris Lee Investments and SSG Realty Corp. have arranged the sale of 325-331 Marine Avenue, a mixed-use property on Newport Beach’s Balboa Island. The asset traded for $4.4 million, equating to $1,193 per square foot for the building and $842 per square foot for the land.

Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky of Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented the undisclosed buyer and seller in the transaction.

Situated on two separate parcels, the property offers storefront retail with two second-floor residential units. The asset is currently home to two street-level retail shops and two residential tenants.