Newport Beach Balboa Market black and white photo. Located on Balboa Peninsula, the store was built in 1938 and served as a grocery store for the small community of Balboa California. Balboa Market was torn down in October 2010 and the land is now used for a parking lot. Newport Beach is a coastal community along the Pacific Ocean in Orange County Southern California. Copyright © 2010 Paul Velgos with All Rights Reserved.