Newmark and Beitler Commercial Realty Services arranged the sale of two office buildings in the Malibu Professional Park for $17.5 million. The buildings are located at 23805 and 23815 Stuart Ranch Road and total 39,615 square feet.
Senior Consultant at Beitler Commercial Realty Services Tony Dorn and Newmark Associate Director A.J. Dorn, who are also the leasing agents on the property, co-represented the seller, Miramar Property Investment Company. The buyer, Wave Enterprises, is a 501(c)(3) charitable entity of Pepperdine University, presenting a taxable benefit to the equation, additionally motivating the seller’s decision to transact.
“Malibu Professional Park is the largest privately-owned office campus in Malibu and benefits from its convenient location and proximity to Malibu’s finest restaurants and shopping,” said A.J. Dorn. “As an existing tenant at the property, Pepperdine is the ideal owner for the project long term.”
Tony Dorn added, “Given the very limited amount of quality office space and high barrier to entry market in Malibu, the buyer has the opportunity to make this one of the most premier office parks in the region.”
The buildings were nearly 85% leased at the time of sale with a strong mix of office and medical tenants, including UCLA Medical, Pepperdine University and various local business firms.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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