East Coast Highway 2800, Newport Beach, CA, 92625, US

First Republic CDM

Asset Description

JLL & Retail Insite as exclusive advisors are pleased to present the opportunity to acquire or lease the First Republic Bank building with intent to vacate in Q2 2024, (“The Property”). The Property is a 3,177 SF building with dedicated parking located on Pacific Coast Highway in Newport Beach, California. The Property is currently occupied by First Republic Bank, with term through December 31, 2024 and no further options to extend, providing interested users, investors and tenants the opportunity to own and/or occupy irreplaceable real estate in one of the most dense and affluent trade areas in the US. First Republic Bank is surrounded by high end food & beverage users, top of the line retailers, and an abundance of Class A Office Space within a highly sought after coastal submarket.

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Attributes

Building area net

209 m²

Year built

1980

Land area gross

0 m²

Number of units

2,247 units

Media

Investment Highlights

Generational Opportunity to Acquire or Lease a Core, Coastal Asset

First Republic Bank is located on a premier street-front location along Pacific Coast Highway within Corona Del Mar. With investment properties rarely available in Newport Beach, the First Republic building presents a rare opportunity to occupy a building in one of the most desirable cities in the country.

Proximity to Key Demand Drivers

Newport Beach is a popular tourist destination that draws over 6.9 million visitors annually. Additionally, the property is located just a short walk from Fashion Island, one of Southern California’s most popular super-regional malls, attracting over 8.3 million annual visitors per Placer.ai. Balboa Island sits just 2 miles from the Property, and is one of the main tourist attractions in Newport Beach with its picturesque waterfront views, boutique retailers, and direct access to the beach via Ferry.

Highly Affluent Southern California Community

More than a quarter of Newport Beach households earn an average income over $200,000. With over 200,500 residents within a 5-mile radius of the Property, the average annual household income is nearly $185,000. The First Republic Bank has an astounding +/-$300M in deposits at this location, highlighting the area’s affluence. Furthermore, Newport Beach ranked 8th highest in median home values in the nation with a median list price of $3.4 million over the last year.

Irreplaceable Coastal Location

The Property is located in a highly trafficked location south of the base of MacArthur Blvd (36,300 VPD) and Pacific Coast Highway (50,000 VPD). The Property is easily accessible from the surrounding communities of Costa Mesa, Irvine, Laguna Beach, and many more.

Attractive Opportunity For Owner User Investment

The Property offers a rare opportunity for an Owner User to quickly purchase and occupy the space in December 2024. The surrounding area (5-Mile Radius) has a significantly low vacancy rate of about 2.6% and has only seen 1,500 SF of deliveries within the last 5 years.