Mariner’s Mile Marine Center in Newport Beach changes hands

Mariner’s Mile Marine Center, a nautical landmark in Newport Beach, has been acquired by a local investor for $25 million, real estate brokers said.

The property at 2429-2507 West Coast Highway holds five New England-style buildings that date to the 1960s. Mariners Mile holds offices and shops as well as a shipyard and large boat slips, said broker Mark Larson of Lee & Associates Investment Services Group.

One of the boats docked there is the Wild Goose, a minesweeper-turned-yacht once owned by actor John Wayne and now operated by Hornblower Cruises. Other tenants include Ocean Alexander Yachts and architects Bauer & Wiley.

The seller was VMA Mariners Mile, which is managed by Murrell Co. of Newport Beach, Larson said.

Broker Tim Sotoodeh, who represented the buyer, said there were no immediate plans to change Mariner’s Mile.

“We bought it for the cash flow and what property is now, but eventually there is a lot of upside and potential,” he said.

The buyer’s name was not disclosed.

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