Shopoff Realty Investments, a national manager of opportunistic and value-added real estate investments, has announced the sale of two office condos in its Waypoint Newport project, located at 4440 Von Karman Ave. in Koll Center Newport. The project is one of the first office condo conversion projects in the area. A Street Partners brokered the sale, which included Suite 270 (1,579 square feet) and Suite 340 (1,127 square feet) on behalf of Shopoff to two individual buyers.
"It is no secret that the office market has suffered in recent years as work-from-home policies dominate the employment market," explained Shopoff president and CEO William Shopoff. "Our team crafted a creative value-add solution for this office product, portioning off this 50,279-square-foot property into individual units for sale. As business owners are seeing the advantages of office ownership, not dissimilar to those of home ownership, office condos like Waypoint Newport are increasingly in demand."