600 E BAY AVE Newport Beach CA 92661-1316

Cushman & Wakefield of California, Inc.​ (C&W), is pleased to offer for sale the Balboa Fun Zone (the Property) located at 600 E.​ Bay Avenue in Newport Beach, CA.​ The offering consists if an extremely rare 34,412 square foot site featuring ±212 feet of waterfront along Newport Harbor and located within the Balboa Village neighborhood of the Newport Beach Peninsula.​ The property includes four components that each provide the investor with unparalleled upside opportunity: 1) 16,666 square foot retail and entertainment building (Fun Zone) which is 33.5% occupied, 2) 21,400 square foot (water area) Marina in need of reconfiguration, 3) Edgewater Place boardwalk which includes the Balboa Ferris Wheel, three amusement park rides, and space for future attractions, and 4) 58-stall subterranean parking garage.​

The Fun Zone property has not been actively marketed for sale in decades, and this offering represents a true once-in-a-generation investment opportunity.​ The property’s history dates back to 1913, and the Balboa Island Ferry remains a symbol of entertainment and leisure for the tourists and local resident population.​ The current below-market performance of the property relative to the surrounding strength of the location present a textbook upside opportunity for the investment and development community.​

The Fun Zone is located in arguably the strongest trade area in Southern California: Newport Harbor in the City of Newport Beach.​ The City includes +89,000 residents with a corresponding 2020 Average Household Income of $207,976, which is nearly twice the average for the State.​ The Newport Harbor retail trade area is exceptionally strong, with a direct vacancy rate of just 1.8 percent and average rental rates of $54.96 PSF annually on a NNN basis.​ The Property’s immediate location is within Balboa Village of Newport Harbor and at the landing for the Balboa Island Ferry and the Catalina Flyer.​

• Rights to the Marina (waterside) area are included in this offering and represent a truly unique opportunity to add income and value to the property through stabilized operations.
• The Marina include approximately 212± linear feet of frontage along Newport Harbor and the docks extend approximately 105± feet into Newport Harbor.
• There are approximately 21,400 square feet of water area with docks for Sea Doo Rentals, Parasailing, and Boat Rentals. Rights to use these areas are granted under a City of Newport Beach Tidelands Lease which was summarized in the Property Overview.
• The parking garage includes 58 marked stalls
• Big Canyon Country Club, the Newport Beach Country Club, Fashion Island Regional Shopping Center, The Island Hotel, and the Newport Beach Marriott are all located within a short drive from the Property.