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The Ardell Investment Co. property along West Coast Highway in Newport Beach’s Mariner’s Mile was sold this month to real estate investors Manush and Mark Moshayedi for $72 million.
The sale of 8 acres of waterfront property in Newport Beach could herald dramatic changes along the West Coast Highway known as Mariner’s Mile, a city official says.
On Jan. 5, Newport Beach real estate investors Manuch and Mark Moshayedi purchased the Ardell Investment Co. property along the West Coast Highway, including the 3.5-acre site that contains the Ardell Yacht & Ship Brokers business and marina and adjacent property where is a clothing store called A’maree’s, according to documents from the Orange County Clerk-Recorder’s office.
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The roughly $72 million deal also includes 4.4 acres across the street from Sun Country Marine and Johnston Yacht Sales, documents show.
Ardell Yacht & Ship Brokers, which has been on the Mariner’s Mile since the 1950s, is set to close in February, the company said in a statement.
“Ardel’s name is being retired,” the statement said. “Management, brokers (and) staff … leave with the satisfaction of knowing that Ardell has provided the highest level of service for more than half a century.”
“We plan to reach out to the city and see how they envision the development of the area,” he said. “It’s going to take some time to figure out what fits and to make sure that what we’re designing is aligned with the needs of the community.”
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But Newport Beach Councilman Ed Selich said Ardell’s purchase of the property, the area’s largest piece of beachfront property, could jump-start revitalization efforts.
Mariner’s Mile is a stretch of West Coast Highway near Newport Harbor that runs between Newport Boulevard and Dover Drive. The area began as a nautically oriented destination and has evolved over the past few decades into a haven for luxury car dealerships, restaurants and yachting businesses.
A few years ago, the city identified Mariner’s Mile, along with several other areas, including Lido Marina Village and Balboa Village, as in need of revitalization.
Still, deciding how best to use the narrow 1.5-mile stretch, hemmed in by bluffs on one side and a harbor on the other, has long eluded city leaders. Officials have said they want to increase pedestrian access on Mariner’s Mile, but plans to do so have not been finalized.
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“It seems like it’s under constant study,” Selic said. “But the configuration of the area is difficult, so it has been difficult to make a plan. Selling the Ardell property could make way for other things there.”
The Moshayedi’s latest purchase is a small portion of what the family owns along Mariners Mile. Their property already includes a cluster of gray and white office buildings next to Ardell Yacht & Ship Brokers known as Mariner’s Mile Marine Center.
Brother Mike Moshayedi also owns land across the street occupied by Joe’s Crab Shack, The Winery Restaurant and Shamrock Bar & Grill.
Hannah Fry is a Metro reporter covering Orange County for the Los Angeles Times. She joined the paper in 2013 as a Daily Pilot reporter for the Times Community News edition. Fry recently covered breaking news for The Times and was part of a team that was a 2020 Pulitzer finalist for its coverage of a boat fire off the coast of Santa Barbara that killed 34 people. He grew up in Orange County and started as an intern at the Orange County Register. NEWPORT BEACH — Longtime Newport Beach real estate investors acquired more than 3 1/2 acres along the harbor on Mariners Mile — including the landmark Ardell Yacht and Ship Brokers — this month for $72 million.
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The sale of Ardell Investment Co.’s properties along the West Coast Highway, including yacht and boat brokers and the A’maree property, was completed Jan. 5, according to the county clerk-recorder’s database. Real estate investors Manouch and Mark Moshayedi now own the Ardell property and the 4.4 acres that are home to Sun Country Marine and Johnson’s Yachts.
Members of the Moshayed family have a large footprint along Mariner’s Mile. Mark and Manouch Moshayedi own about 1,200 linear feet along the harbor. Mike Moshayedi owns the property that houses Joe’s Crab Shack, Winery and Shamrock Bar and Grill, Manuch Moshayedi said.
Manoush and Mark Moshayedi bought the Mariner’s Mile Marine Center, a gray-and-white office building near Ardell, in 2012 for $25 million.
Manush said he has driven Ardell’s property thousands of times and tried to sell it for years.
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Moshayedi said he has no development plans, but wants to reach out to community members and leaders to find a good fit for the neighborhood.
Newport Beach has identified Mariner’s Mile as an area for potential revitalization. In 2014, the city held a Mariner’s Mile planning meeting to explore options for that part of the city with the California chapter of the Congress for New Urbanism.
Kim Brandt, the city’s Community Development Director, said the city will likely begin a land-use study soon to discuss elements the city would like to see, such as a bayside pedestrian walkway and better views of the Pacific Ocean to the harbor. Coast highway. He said the study would take nine months to a year.
“We want to work with the property owners and help create a program that makes sense for the area,” Brandt said.
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“The Ardel name is being retired,” the company said in a statement. “Management, brokers (and) staff … leave with the satisfaction of knowing that Ardell has provided the highest level of service for more than half a century.”
The Ardelle landmark has been a fixture of the Mariner’s Mile since the 1950s. The late Arnold Haskell “had the vision to create an extraordinary waterfront development” along the Pacific Coast Highway on Mariners Mile, according to the statement. He purchased over 700 feet of beachfront property occupied by the Port Orange Fishing Hole. – One-story residence. Available August! *2 Bedrooms *1 Bath *Spacious Living Room * Washer/Dryer Hooks * Off Street Parking Rent includes water, sewer and trash. Tenant pays electric (electric heat) cable/internet Small pet may be allowed (RLNE5605548) Pet Policy: Small dogs allowed, cats allowed.
Just a few miles northeast of Penn State, Bellefonte is a small, picturesque community in the heart of Nittany Valley. Best known for its beautifully preserved 19th-century architecture, the neighborhood calls itself “Central Pennsylvania’s Victorian Secret” and hosts a steady stream of history buffs and tourists year-round.
Garman’s restored opera house has seen a revival in recent years, featuring live performances by visiting musicians as well as local talent. The entire downtown area is full of specialty shops, cafes, and cultural events
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