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

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SOLD
$70,000,000
Brett Betzler
Clay Duvall
David Binswanger

California

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Office123,000 SF
Sold 11/04/2025
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Property Image
SOLD

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

1500 Rosecrans Avenue

See Similar Deals
Office123,000 SF
Sold 11/04/2025
Brett Betzler
Clay Duvall
David Binswanger
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$569
Total Square Footage:123,000 SF
Transaction Type:Sale

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.

Players

Brett Betzler
Berkadia
Brett Betzler
5 deals$461.3M volume
BROKER
Clay Duvall
Lincoln Property Company
Clay Duvall
20 deals$1.8B volume
BUYER
David Binswanger
Lincoln Property Company
David Binswanger
16 deals$1.7B volume
BUYER
CC
Continental Development Corporation
SELLER

Details

SOLD
IMAGE: Clay Duvall, David Binswanger, Alex Rose & Brett Betzler DATE: 11/04/2025 ADDRESS: 1500 Rosecrans Avenue MARKET: Manhattan Beach ASSET TYPE: Office BUYER: Clay Duvall & David Binswanger - Lincoln Property Company (@LincolnPropertyCo) SELLER: Alex Rose - Continental Development Corporation BROKER: Brett Betzler - Berkadia (@Berkadia) SALE PRICE: $70,000,000 SF: 123,000 ~ PPSF: $569 NOTE: Lincoln Property Company bought a 123,000-square-foot office building at 1500 Rosecrans Avenue in Manhattan Beach for $70 million from Continental Development Corp., with $45 million in seller financing. The Dallas-based firm plans to demolish the property and redevelop the site into apartments, with Berkadia’s Brett Betzler brokering the deal.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,733,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$248,695.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$331,835.71
Annual Debt Service$3,982,028.55