REAL ESTATE NEWS
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Newport Beach's Master Development gears up for Las Palmas auction
Firm is selling off six units at the industrial condominium project in Santa Ana.
By Kristen SchottPublished: November 09, 2009
Newport Beach-based Master Development Corp. is set to auction off six units at Las Palmas Business Park, an industrial condominium project in Santa Ana. The firm is partnering with AuctionPoint on the endeavor, which is touted as the largest auction of commercial properties so far in O.C. It is set to take place online Nov. 17-Nov. 19.
It's one of the only projects of its kind in the city – and Orange County – according to MDC Executive Vice President Bryan Bentrott (right). There are 48 units on the 232,000-square-foot site, which is located at the northeast corner of McFadden Avenue and Lyon Street. The spaces range in size from 2,500 square feet to 15,640 square feet. So far, the firm has sold seven units, and three are in escrow.
But what's the goal of the auction? "To sell at least 3 to 4 units quickly," says Bentrott. "We want to increase that velocity."
What's more, Bentrott believes the units are good investments for those who purchase now. MDC has dropped the prices of the units 30 to 35 percent. So, the cost to own is not too much more than the cost to lease.
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It's one of the only projects of its kind in the city – and Orange County – according to MDC Executive Vice President Bryan Bentrott (right). There are 48 units on the 232,000-square-foot site, which is located at the northeast corner of McFadden Avenue and Lyon Street. The spaces range in size from 2,500 square feet to 15,640 square feet. So far, the firm has sold seven units, and three are in escrow. But what's the goal of the auction? "To sell at least 3 to 4 units quickly," says Bentrott. "We want to increase that velocity." What's more, Bentrott believes the units are good investments for those who purchase now. MDC has dropped the prices of the units 30 to 35 percent. So, the cost to own is not too much more than the cost to lease.NEXT PAGE >> Related headlines First-time homebuyer tax credit extension gets OK 'OC METRO Minute,' Nov. 9: BIA-O.C. CEO Kristine Thalman talks about tax credit Newport Beach's Voit sees uptick in tenant transactions |
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