RANCHO PALOS VERDES, Calif. – Cushman & Wakefield, a leading global real estate services firm, announced that the firm has represented the University of California Los Angeles (“UCLA”) under the advisory of the University of California Board of Regents in acquiring the former Marymount California University (“MCU”) campus in Southern California.
Overlooking the Pacific Ocean, the coastal property comprises ±24.57 acres of developed campus and vacant land in Rancho Palos Verdes plus a neighboring vacant 86-unit student apartment complex situated on ±11.06 acres in San Pedro.
The sale officially closed on January 25 for $80 million. A team from Cushman & Wakefield led by Mike Condon Jr. and Kimberly Brown along with McKenna Gaskill, Erica Finck, Jacob Kovner, and Connor Martin represented UCLA. The seller, Marymount California University, was represented 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 92,268 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.
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.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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