Newmark Arranges Sale of 127,753 SF Flex Office Campus in Costa Mesa as Institutional Investor Exits Orange County Asset

Newmark has arranged the sale of Stonemill Design Center, a flex office campus spanning approximately 8.3 acres at 2915 Red Hill Avenue in Costa Mesa, California, the firm announced March 17, 2026. The property, comprising seven flex office buildings totaling 127,753 square feet, transferred from an undisclosed institutional investor to a private investor in a transaction with terms that were not disclosed.

Deal Team and Transaction Structure

Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Paul Jones and Ken White, Senior Managing Directors Brandon White and Chris Benton, and Managing Director Anthony Muhlstein represented the seller in the transaction. The buyer was identified only as a private investor, and no purchase price, price per square foot, or capitalization rate was disclosed.

"We are pleased to have facilitated the sale of this rare opportunity, which represents one of the best redevelopment opportunities in Orange County," said Jones. "Stonemill Design Center's prime location in the Greater Airport Area, strong in-place income and future redevelopment upside made it highly attractive to investors seeking value-add potential in a supply-constrained market."

Asset Profile and Occupancy

Stonemill Design Center is currently 94% leased, with a tenant mix that spans commercial, industrial, and office users. The property has maintained an average occupancy rate of 92% over the past six years, according to Newmark, reflecting consistent demand in the Greater Airport Area submarket.

The seven-building campus sits adjacent to the SR-73 Freeway and near the SR-55 Freeway, providing access to employment centers in Santa Ana, Anaheim, and Irvine. Those three markets collectively contain more than 113 million square feet of office inventory and approximately 452,000 jobs within a 10-mile radius, according to Newmark. The property is also proximate to South Coast Plaza.

Redevelopment Positioning

Newmark described the asset as offering "redevelopment upside" in a "supply-constrained market," characterizing it as a value-add opportunity. The firm did not disclose specific redevelopment plans, and the buyer's intentions were not detailed in the announcement.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate services firm that generated revenues of nearly $3.3 billion for the twelve months ended December 31, 2025. As of December 31, 2025, Newmark and its business partners operated from approximately 175 offices with more than 9,300 professionals across four continents.