The most valuable car wash in Orange County may not be a car wash anymore.
A 1.26-acre site directly across from Fashion Island has reportedly entered escrow, with plans tied to a luxury condominium redevelopment in the heart of Newport Center.
According to Oron Maher, buyers are increasingly paying for entitled land rather than existing operations. In high-barrier coastal markets, the biggest value can come from what a property can become — not what it is today.
That’s the power of redevelopment optionality.
Would you rather own the income from a car wash, or the entitlement rights for luxury condos across from Fashion Island?
Let us know in the comments.
#mahercommercialrealty
