TMalibu Vista, Malibu
- Address: 22751-22761 Pacific Coast Highway, Malibu, CA
- Building Area: 30,742 SF
- Land Area: 64,033 SF
- Occupancy: 100%
- Year Built: 1980
- Sales prise – $17,500,000
- Prise/SF – $569,25
- Cap Rate – 4.47%
Seller was a limited parnership and had acquired the ocean-front property in a distressed sale during the 1980s. The dense open air had taken a toll on the exterior of the building and the owners did not want to invest additional monies into rehabbing the project. The partners had added a significant amount of value during the course of ownership, but they were also ready to part ways.
The Pacific Bridge Team received a number of offers on the property, including an offer from a investor who already owned several coastal office buildings in Santa Monica. We recommended to their seller that they go with this buyer, because of their knowledge, experience and ability to obtain appropriate financing.
Seller agreed to be flexible in the final sale price, because of differed maintenance issues. The buyers inibal offer came in at $17 million. The Pacific Bridge Team negotiated on behalf of the Seller and brought the final sale price to $17.5M.