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July 5, 2020
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Entity of Pepperdine University Scoops Up Two Malibu Office Buildings


Two office buildings totaling 39.6k sf of space within the Malibu Professional Park were acquired for $17.5 mil ($442/sf) by Wave Enterprises, a 501(c)(3) charitable entity of Pepperdine University. The assets were sold by Miramar Property Investment Company.

The buildings are located at 23805 and 23815 Stuart Ranch Rd, north of Pacific Coast Highway between Cross Creek and Malibu Canyon Rds. 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.

Tony Dorn with Beitler Commercial Realty Services and A.J. Dorn with Newmark Knight Frank co-represented the seller in the transaction.

“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 Dorn. “As an existing tenant at the property, Pepperdine is the ideal owner for the project long term.”

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