Updated Nov 6, 2025
Clay Duvall And David Binswanger Of Lincoln Property Company Acquire Office Building In Manhattan Beach For $70M
1500 Rosecrans Avenue
$70,000,000
$569/SF
Building Size
123,000 SF
Asset Type
Office
Closing
Nov 4, 2025
About this deal
AI
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.
On the Map
$70,000,000
$569/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93