Q. What is it supposed to be on the show?

A. A strip club.

Q. Where is it supposed to be on the show?

A. The location isn't mentioned, but probably somewhere in or near Newport Beach.

Q. When did we see it on the show?

A. In Episode 9 (of season three), "The Disconnect", when Sandy Cohen hires a new partner, Matt Ramsey (Jeff Hephner) for the Newport Group, who turns out to be a less-than-perfect choice.

On a night when Matt is supposed to be working hard on an important project, he instead takes Ryan (a minor) to a strip joint (where Matt is one of their favorite customers), and later fails Sandy at an important business meeting. Sandy fires him, and Matt turns to blackmail...

    
Q. What is it actually in real life?

A. An actual strip club, but not in Newport.

Q. Where can I find it in real life?

A. It's actually the Bare Elegance club, located at 4824 W. Imperial Highway (at Inglewood Avenue, next to the 105 Freeway), in Inglewood, CA, not far from LAX airport (an area where you'll find a lot of such clubs).

On its website (bareelegance.com), Bare Elegance bills itself as "California's Premier Adult Entertainment Location" and brags that the Zagat survey named them "the best strip club in L.A." 

Here is a map link with the exact location in Inglewood. And here is an aerial photo from Live Local.

(It is located about 3 blocks north of another O.C. location: the mini-mart/liquor store that Johnny attempts to rob in Episode 10. It's just two blocks west of the liquor store where Kirsten buys a bottle of vodka in Episode 3, and three blocks west of the cheap motel where Kirstin stays overnight. The neighborhood is less than ideal - exercise reasonable caution.)

Q. How the heck did you figure out where it was?

A. This was an easy one. The club's real name was visible on the marquee as Ryan and Matt went in. Bare Elegance spends a lot of money on advertising, and if you've read an L.A. newspaper, chances are you've seen one of their ads. So when I saw the name of the club on the show, I recognized it as the name of a real strip club, and wondered if it was the actual place. Then, when I freeze-framed a scene of the entrance, I found their real website address and phone number on a sign just inside the door.