Dealmaker: Cushman & Wakefield Advises UCLA on $80M Campus Acquisition
Cushman & Wakefield, Chicago, is representing the University of California Los Angeles as it acquires the former Marymount California University campus in Rancho Palos Verdes, Calif.
Overlooking the Pacific Ocean and Catalina Island, the nearly 25-acre coastal property includes a developed college campus and vacant land plus a neighboring vacant 86-unit student apartment complex on 11 acres in San Pedro, Calif.
Cushman & Wakefield said it expects the $80 million transaction to close this quarter.
A Cushman & Wakefield team led by Mike Condon Jr. and Kimberly Brown along with McKenna Gaskill, Erica Finck, Jacob Kovner and Connor Martin represents UCLA in the acquisition. Berkadia’s Adrienne Barr and Steffan Braunlich represent seller Marymount California University.
“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,” Condon said. “The UCLA acquisition will allow the original vision for the project to thrive and grow.”
Private Catholic university Marymount California University permanently closed operations at the campus earlier this year. The campus property at 30800 Palos Verdes Drive E has 10 existing academic buildings totaling 92,268 of gross building area previously used for classroom, administrative and other campus functions.