Clay Duvall And David Binswanger Of Lincoln Property Company Acquire Office Building In Manhattan Beach For $70M

An office building located at 1500 Rosecrans Avenue in Manhattan Beach was sold for $70 million. The property encompasses 123,000 square feet, resulting in a price per square foot of $569.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $70,000,000
• Square Footage: 123,000
• Address: 1500 Rosecrans Avenue
• Market: Manhattan Beach
• Seller: Alex Rose - Continental Development Corporation
• Buyer: Clay Duvall & David Binswanger - Lincoln Property Company
• Broker: Brett Betzler - Berkadia
• Seller Financing: $45 million

Lincoln Property Company plans to demolish the existing structure and redevelop the site into apartments. The deal was brokered by Brett Betzler from Berkadia.