The Malibu City Council Acquires Commercially Zoned Land For $42.5M

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.