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REAL ESTATE: Diamond Jamboree owners invest
The land underneath the Newport Beach Tennis Club has been bought by a prominent area retail developer.
An LLC headed by Diamond Development Group, the San Gabriel-based owner of Irvine's Diamond Jamboree shopping center, last month bought the roughly 7.6-acre site of the tennis club on Eastbluff Drive near Corona del Mar High School.
ATH LLC paid about $12.4 million, property records show. That's a little more than $1.6 million per acre.
The land was sold by a Newport Beachbased family trust that purchased the site in 1993 from Irvine Co., CoStar Group Inc. records show.
Newport Beach-based Irvine Co.'s Eastbluff Village Center is next-door to the tennis club.
There are no plans for a second retail project in the vicinity. The new owners bought the site as an investment, not a development play, according to Ed Hanley, president of Hanley Investment Group in Newport Beach, who brokered the deal.
There are no immediate plans to change the use of the property. "It's expected that it's going to stay a tennis club," Hanley said.
The club has a lease for the land that runs into 2021, according...