Updated Oct 29, 2024
The Malibu City Council Acquires Commercially Zoned Land For $42.5M
23575 Civic Center Way, Malibu, CA, USA
$42,500,000
$33/SF
Building Size
1,273,694 SF
Asset Type
Commercial
Closing
Apr 23, 2018
About this deal
AI
29.24 acres of commercially zoned land located at 23575 Civic Center in Malibu, Los Angeles were sold for $42,500,000. The property is situated at the intersection of Civic Center Way, Webb Way, Pacific Coast Highway, and Heathercliff Road.
Summary of transaction details:
- Property Type: Commercially Zoned Land
- Transaction Amount: $42,500,000
- Acres: 29.24 Acres
- Price per Acre: $1.45M
The seller of the property was Malibu Bay Co., represented by Jerry Perenchio. Jerry Perenchio, the former head of Univision, had several real estate holdings in Malibu. Since his passing at age 86, some of his properties have been put on the market. It's important to note that this transaction involved the sale of a portion of his eight-parcel portfolio in Malibu.
On the Map
$42,500,000
$33/SF
Commercial
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Players
Malibu Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93