Cress Capital has added a discounted office building in Newport Beach to its collection. The Newport Beach-based real estate company bought the 215,000-square-foot building at 1301 Dove Street for $41 million, the Orange County Business Journal reported. The price works out to $191 per square foot. The seller was Phoenix-based Western Alliance Bank, which seized it in foreclosure this year. The 10-story building was constructed in 1980 and underwent an $11.5 million renovation in 2018. A joint venture between Ocean West Capital Partners and Rockwood Capital bought it in 2021 from PGIM for $64 million, about $8.3 million less than […]
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