18 • Jan. 15 - 28, 2016 • The Log


Ardell properties close escrow on Mariners Mile holdings


progress of how to redevelop Mariners Mile. Ardell’s departure from Mariners


Mile means at least one major yacht brokerage will no longer exist in Newport Beach’s nautically themed vil- lage.


The Newport Beach General Plan


shows the land parcels where Ardell Yacht and Ship Brokers currently exist are zoned for Harbor and Marine- Related Commercial use. A limited amount of housing and mixed-use projects are permitted along the bay- side half of Mariners Mile. The parcel where Silver Seas Yachts


Nautical stretch of Coast Highway could be ripe for redevelopment.


By Parimal M. Rohit


NEWPORT BEACH — Several property tracts along Coast Highway on Newport Beach’s Mariners Mile have reportedly been sold. The escrow on properties associat- ed with Ardell Investments reportedly closed on Jan. 5. Terms of the deal were not disclosed, though the buyer acquired the Coast Highway properties through a 1031 exchange. Sources familiar with the transac- tion but unauthorized to speak on the record say real estate investor Manouch Moshayedi purchased Ardell’s properties. Moshayedi, a Newport Beach resident, previously purchased Mariners Mile Marine Center in 2012, according to news reports. How Moshayedi plans to use his newly acquired properties has not yet been revealed, though news reports indicate he was in the market for office space. Purchasing the landside and bay-


side parcels as part of a 1031 exchange means Moshayedi is attempting to minimize tax implication on capital gains earned from a previous property sale. Moshayedi recently sold a shop- ping center in San Bernardino County, according to news reports. Last week’s sale impacts land


parcels on both sides of Coast Highway. One sold property on the inland portion of Coast Highway hous- es Johnson’s Yachts, Silver Seas Yachts and Sun Country Marine. Parcels sold on Mariners Mile’s bayside section include Ardell Yachts and Ship Brokers (which will no longer operate on Mariners Mile) and Ardell Marina. Tenants such as A’maree’s may or


may not be impacted by the sale. Hornblower Cruises & Events and McKinna Yachts are not part of the cur- rent transaction but instead next door on property Moshayedi has owned for several years. Both tenants should not be impacted by this transaction. The impact of Ardell Investments selling its Mariners Mile holdings, as previously reported in The Log, remains to be seen. Mariners Mile was once zoned for nautical interests, though the current iteration of the 1.3-mile stretch of Coast Highway between Dover Drive and State Route 55 features a mix of automotive, boating, corporate, dining and retail interests. The city of Newport Beach contem-


Ardell Yacht and Ship Brokers will no longer have a presence on Mariners Mile after its parent company, Ardell Investments, sold its holdings along Coast Highway. Tenants such as Hornblower Cruises and Events and McKinna Yachts will not be impacted by the sale as their buildings are on a separate, neigh- boring parcel.


plated transitioning Mariners Mile from a boater’s haven to a destination for boutique shops, high-end automo- tive dealers, trendy restaurants and urban-style housing. Such elements already exist at Mariners Mile, what with art galleries, specialty shops, BMW and Mercedes-Benz dealerships, and restaurants such as Pizza Nova and The Winery bumping up against boatyards, marinas and yacht broker- ages along Coast Highway. A five-day workshop hosted by the city in October 2014 failed to yield any


Ardell’s history on Mariners Mile


NEWPORT BEACH — In the late ‘50s, Arnold Haskell had a vision to create an extraordinary waterfront facility on Coast Highway in the heart of Newport Harbor’s Mariners Mile. Haskell purchased more than 700 feet of waterfront property, which was then occupied by commercial boat docks, a por- tion of which was known as the “Port Orange Fishing Hole.” The neighborhood looked very different then, with shipyards and even a factory or two lining the highway. What came from the mud flats forever changed the waterfront ambiance of Newport Beach and Mariners Mile. Haskell commissioned the architectural firm of Ladd &


Kelsey to design a stand-alone restaurant building which was constructed extending over the seawall at the west end of the property. It became a landmark for its soaring arches and unique modernist architectural style. The original occupant was The Stuft Shirt Restaurant, then Cano’s, eventually Windows on the Bay and today is A’maree’s. A seawall extending the entire length of the property was


constructed along with 60 boat slips, and several office build- ings were built at the eastern end of the property becoming the Ardell Sailing School and Ardell Yacht & Ship Brokers. Arnold Haskell tasked his nephew, Donald Haskell (who


passed away in late December 2015) to create a waterfront yachting center on the property and the Ardell Sailing School


and Ardell Yacht & Ship Brokers opened its doors. In 1958, the yacht sales operation started on a small scale. Ardell repre- sented several popular production sailboat lines such as Cal, Islander, Pearson, Hinckley and even the early Swans (then called Palmer Johnson). Ardell Sailing School opened in 1962 but was retired in


order to focus on sales. Ardell Yacht & Ship Brokers became one of the top yacht


brokers on the West Coast and then expanded to the big boat market in South Florida in 1971. Recently, the landmark Newport Beach property, which includes the waterfront suite of yacht brokerage offices, trans- ferred ownership. While many investors have approached management over the years about acquiring the very desir- able Mariners Mile property, the timing was finally right and the pending sale started the wheels in motion concerning the future of Ardell Yacht & Ship Brokers. The Ardell name is being retired and the yacht brokerage will close its doors at the end of February 2016. The manage- ment, brokers, staff and management leave with the satisfac- tion of knowing Ardell Yacht & Ship Brokers provided the highest service for over a half century with the utmost integri- ty and professionalism.


—The Sherman Company


and Sun Country Marine is, according to the city’s General Plan, is zoned for commercial use. Mariners Mile’s entire stretch of landside parcels is zoned for commercial interests, neighborhood- serving retail, mixed-use projects (housing built above retail) and multi- family residential. Last week’s sale was consummated only days after Ardell Investments’ founder, Don Haskell, passed away. Moshayedi made his fortunes in technology before moving into real estate, according to his website. He also purchased a 98-foot vessel in 2003 and converted it to a 100-foot yacht named Rio 100; Moshayedi participat- ed in a few boat races around the world, he stated on his website. Rio 100 was reportedly the first monohull without powered assistance to win the Barn Door Trophy as part of the 2015 Los Angeles-to-Honolulu Transpac Race. The 100-footer also participated in Newport Harbor Yacht Club’s Cabo Race in March 2015; she also navigated about 7,500 miles from Sydney to Los Angeles.


thelog.com


Parimal M. Rohit photos


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