Ocean view campus will help university educate more constituents in the state of California
RANCHO PALOS VERDES, Calif. – September 27, 2022 – Cushman & Wakefield, a leading global real estate services firm, announced that the firm is representing 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 and Catalina Island, 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.
UCLA’s sale acquisition, which is under a mandate by the University of California Board of Regents for the state’s public universities to educate more students, is expected to close in October 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 is representing UCLA in the acquisition. The seller, Marymount California University, is being represented 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 Vice Chairman Mike 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. I am very excited to have played a part in bringing UCLA to my hometown, as it has been rare for the Peninsula to attract such a large user in the past.”
“We are honored to work with UCLA in acquiring this special property along with supporting the university’s mission to grow its educational ecosystem. We are also glad to be part of a win-win transaction which, despite the circumstances, both parties are pleased with the outcome of the sale and in preserving the educational purpose of this site,” said Managing Director Kimberly Brown.
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 92,268 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.
Residing 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.
“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.
“As an alumna of UCLA, it is a dream to partner with my alma mater to see the university’s positive expansion and continued growth with this strategic regional expansion,” expressed McKenna Gaskill, associate.
For additional information, please also refer to UCLA’s press release.
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.
