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1/30/23
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The University of California (UCLA) has acquired the former Marymount California University (MCU) campus in Rancho Palos Verdes in an $80 mil transaction. Overlooking the Pacific Ocean, the coastal property comprises 24.57 acres of developed campus and vacant land, along with a neighboring vacant 86-unit student apartment complex situated on just over 11 acres in San Pedro.
Mike Condon Jr, Kimberly Brown, McKenna Gaskill, Erica Finck, Jacob Kovner and Connor Martin with Cushman & Wakefield represented UCLA, under the advisory of the University of California Board of Regent. MCU was repped by Berkadia.
In September, Cushman & Wakefield had publicly announced the sale was in contract. The sale was under a mandate by the University of California Board of Regents for the state’s public universities to educate more students.
Marymount California University, a private Catholic university, permanently closed operations at the campus in 2022. The campus property is located at 30800 Palos Verdes Dr E and consists of 10 existing academic buildings totaling 92.3k sf of gross building area 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.
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