Briefly in business
Newport Beach-based Newport Federal has purchased the
32,473-square-foot AT&T; building at 4667 MacArthur Blvd. for about $6
million.
The deal, which closed escrow in three days, is a good investment for
the company because of “the attractive capitalization rate and the
additional cash flow that will be generated in the near future when the
4,000 square feet of vacant space on third floor is leased,” said Rob
Mitchell, who negotiated the deal for Voit Commercial Brokerage.
Voit represented both Newport Federal and Makar Properties LLC, the
real estate developer and buyer that owned the building.
The building, constructed in 1975, is a three-story office building
near John Wayne Airport.
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