Moshayedi Brothers Buy Newport Beach Land Parcels for $71.7M

by Nellie Day

NEWPORT BEACH, CALIF. — Manouch and Mark Moshayedi have purchased three parcels of land in Newport Beach for $71.7 million. The parcels are located at 2101, 2201 and 2200 West Coast Highway.

Two of the parcels are situated along the waterfront, while one is inland. The land contains existing retail buildings that are fully leased.

The seller, Ardell Investment Company, will lease back four buildings, along with several boat slips. The buyers participated in a 1031 exchange under the name Chino Hills LLC. John Martin and David Romero of Lee & Associates Newport Beach represented the LLC. The seller represented itself in this transaction.

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