Newmark Arranges Note Sale on Entitled 246-Unit Adaptive Reuse Project in San Pedro; 222 PV Harbor View, LLC Is Buyer
Newmark has arranged the sale of a note secured by Topaz Tower, a fully entitled adaptive reuse development project at 222 West 6th Street in San Pedro, California, the firm announced August 10, 2026. The buyer was 222 PV Harbor View, LLC, a private Los Angeles-based residential developer.
The subject property is a 12-story, 309,732-square-foot office tower entitled for conversion to 246 market-rate multifamily units. Financial terms of the note sale were not disclosed.
Deal Team and Representation
Newmark Executive Managing Director Ryan Plummer, Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Ken White, Senior Managing Director Chris Benton, and Managing Director Anthony Muhlstein represented the lender in the transaction.
"Topaz Tower represents an exceptionally rare opportunity to acquire a fully entitled coastal high-rise multifamily conversion with scale, ocean views and an immediate execution path in a rapidly evolving submarket," Plummer said.
Shannon added: "The South Bay remains one of Southern California's most sought-after submarkets, sitting squarely in the path of unprecedented aerospace and defense investment. Coupled with its immediate proximity to West Harbor, the region's newest waterfront entertainment destination, San Pedro offers a compelling combination of economic momentum and lifestyle appeal."
Property Details and Planned Conversion
Topaz Tower sits on a 71,986-square-foot site and includes 750 parking spaces, 15,397 square feet of parking-structure retail, and 13,482 square feet of tower retail. The planned residential conversion, to be known as Topaz Tower Apartments, will feature a mix of studio, one-, two-, and three-bedroom residences with an average unit size of 835 square feet.
Planned amenities include a rooftop deck with a resort-style pool, ocean-view units, balconies, and high ceilings.
The property is located one block from Metro's J Line and less than two blocks from the $1 billion West Harbor waterfront redevelopment. It also sits within a Qualified Opportunity Zone and offers walkable access to Downtown San Pedro's retail, dining, and entertainment amenities.
Market Context: Entitled Conversions Draw Capital
The transaction reflects a pattern in commercial real estate capital markets in which investors and note buyers are drawn to projects that have already cleared zoning and entitlement hurdles. Because Topaz Tower carries full entitlements, the remaining execution risk for 222 PV Harbor View, LLC centers primarily on construction and lease-up rather than regulatory approval — a distinction that can meaningfully affect underwriting and pricing.
Newmark's framing of the asset as having an "immediate execution path" underscores that appeal. Adaptive reuse transactions of this scale — a 12-story, nearly 310,000-square-foot building entitled for 246 units in a coastal submarket — are relatively uncommon in Southern California.
The South Bay submarket has drawn additional attention from investors amid growth in aerospace and defense investment in the region. The nearby West Harbor waterfront redevelopment, a $1 billion project, is also cited as a driver of longer-term neighborhood appeal. The property's location within a Qualified Opportunity Zone may provide additional capital-structure considerations for investors evaluating the conversion.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisory and services firm. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of that date, Newmark and its business partners operated from over 195 offices with more than 10,000 professionals across four continents.