Distressed Mariners Mile Properties Purchased

A row of abandoned buildings on Mariners Mile, Newport Beach, decidedly in poor condition due to financial distress, has been purchased last week and may soon be redeveloped into a major commercial area.

The 17-lot property, owned by developer Mariners Mile Gateway LLC, was snapped up by two separate buyers for undisclosed prices, according to Scott Hook of Newport Beach-based firm Marcus & Millichap.

The first six lots just off Dover Drive were purchased by Eva Watson, a real estate investor. Her agent Albert Hanna, working for the ALT Financial Network, says she plans on developing an upscale retail enterprise such as a jeweler or day spa.

Russell Fluter, a local businessman, bought the rest of the property which spans 11 lots on the West Coast Highway. Hook says they plan to build a new shopping center, although they are still looking into the retail market and gauging interest from tenants.

Watson has fairly solid plans for her new acquisition, among them a stylish building that Hanna says will be the “jewel of Newport.” Fluter, on the other hand, isn’t new to the retail business, with a shopping center on the Pacific Coast Highway in his portfolio.

The property had been on the market since June, but had trouble attracting buyers because of the credit crunch. To draw more interest to the property, according to Hook, the lots were divided and put on the market separately.

The two buyers will be required to conduct a landscaping and cleanup of the lots within 60 days after closing. A $10,000 budget will also be given to recover the attorney’s fees and staff costs incurred while the condition of the area was being settled.

 

Earlier in Newport Beach Real Estate News:
Corona del Mar Homes Hardest To Sell In O.C.
Corona Del Mar Home Sells At $12 Million Cut
Newport Beach Makes California Top 10 Gains List