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9/29/22
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The University of California Los Angeles (UCLA) is acquiring the former Marymount California University (MCU) campus in Southern California in an effort to educate more students, as mandated by the University of California Board of Regents for the state’s public universities.
The coastal property, overlooking the Pacific Ocean and Catalina Island, comprises 24.5 acres of developed campus and vacant land in Rancho Palos Verdes plus a neighboring, vacant 86-unit student apartment complex situated on just over 11 acres in San Pedro. The transaction is expected to close in October at a price tag of about $80 mil.
Marymount California University, a private Catholic university, permanently closed operations at the campus earlier this year. The campus property is located at 30800 Palos Verdes Dr E and consists of 10 existing academic buildings totaling 92.3k sf of space, previously used for classroom, administrative and other campus functions. The sale also includes an 86-unit apartment complex spanning 18 buildings located at 1600 W Palos Verdes Dr N. Known as The Villas, the apartment complex is covenanted for education use that supplements the campus’ academic use. The property also features a pool, tennis courts, outdoor basketball courts, and several asphalt paved parking lots.
Situated in the South Bay submarket of Southern California, the property is optimally located near West Los Angeles, the Los Angeles CBD, as well as Manhattan Beach, Redondo Beach, and Hermosa Beach. The MCU site adds to existing spaces UCLA operates in downtown Los Angeles and elsewhere. UCLA Health also has more than 250 patient care facilities throughout the region.
A team from Cushman & Wakefield led by Mike Condon Jr. and Kimberly Brown, along with McKenna Gaskill, Erica Finck, Jacob Kovner, and Connor Martin, is representing UCLA in the acquisition. The seller, Marymount California University, is being repped by Adrienne Barr and Steffan Braunlich of Berkadia.
“This was a strategic opportunity for UCLA to acquire a best-in-class university campus on a significant piece of coastal hillside real estate with spectacular ocean views that will be a very attractive setting for students,” said Condon Jr. “Having grown up on the hill, the MCU campus has always been an iconic land site that had the ability to emerge into a truly destination college experience given the location and size of the campus. The UCLA acquisition will allow the original vision for the project to thrive and grow.”
“UCLA has been a crucial nexus of education, research and public service within Los Angeles for more than 100 years,” said Chancellor Gene Block in a message to the UCLA community announcing the news. “As demand for our academic offerings continues to grow, this acquisition will allow us to expand student access in line with UC’s 2030 goals, strengthen our connections to the greater L.A. region, and deepen our institution’s research and public service impact.”
UCLA and its Academic Senate will establish a task force of faculty members and administrators to study how best to utilize the property to advance institutional goals and expand access to education. In his message to the UCLA community, Block said that the site may host academic programs as soon as next year.
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