MANI BROTHERS PURCHASE MALIBU BEACH INN FROM L.A. BILLIONAIRE DAVID GEFFEN

The following is a list of the ten most expensive commercial real estate purchases in LA County. The list was compiled from information provided by CoStar, and includes buildings in retail, office, hospitality, multifamily and industrial categories. Transactions include property sold only between January 1 and March 31, 2015.

1. MID-CITY: Midtown Crossing
4550 W. Pico Blvd., Los Angeles, CA 90019
$156.9 million

Buyer: NewTower Trust Company
Total space: 265,189 sq. ft.
Price per square foot: $591.75
Year completed: 2011
Date sold: 2/6/15
Category: Retail (Power Center)

So far, Midtown Crossing is 2015’s priciest commercial property sold in Los Angeles County. It is a power center, comprised of anchor, Lowe’s and other retail spots such as Chipotle, Starbucks, Smart & Final, Ross, Chase Bank & Wells Fargo. The property was sold as part of a portfolio, which included three adjacent lots – selling for a total of $186.6 million.

2. ENCINO: First Financial Plaza
16830 Ventura Blvd., Encino, CA 91436
$89 million

Buyer: Douglas Emmett
Total space: 223,679 sq. ft.
Price per square foot: $397.89
Year completed: 1985
Date sold: 3/6/15
Category: Office, Class A

This 6-story Encino building is on the corner of Ventura and Balboa Boulevards, giving it great visibility and access to the 101 and 405 freeways. The tenants in the building include Equinox, U.S. Bank & Pepperdine University. 

3. MALIBU: Malibu Beach Inn
22878 Pacific Coast Highway, Malibu, CA 90265
$79.9 million

Buyer: Mani Brothers Real Estate Group
Total space: 22,165 sq. ft.
Price per square foot: $3,605 (47 rooms -- $1.7 million per room)
Year completed: 1989
Date sold: 2/26/15
Category: Hospitality

Last month, the Mani Brothers purchased the Malibu hotel – which was previously owned by billionaire David Geffen. The Geffen The purchase is one of the more expensive hotel properties sold on a per room basis, at over $1.7 million each. Along with the Malibu Beach Inn, the brothers purchased an office building in Playa Vista for $48.5 million (#9 on this list), a building that is characteristic with their current portfolio.

4. AGOURA HILLS: The Lexington
30856 Agoura Rd., Agoura Hills, CA 91301
$53.2 million

Buyer: The Ezralow Company
Total space: 142,150 sq. ft. (178 units, $298,596 per unit)
Price per square foot: $397.89
Year completed: 1985
Date sold: 3/6/15
Category: Multifamily

Located in Agoura Hills, this 178-unit complex is located in the Santa Monica Mountains and near 101 freeway is conveniently located roughly halfway between Oxnard and the Valley. Some of the amenities include a swimming pool, spa, tennis and basketball courts.

5. PASADENA: Office Building
199 S. Los Robles Ave., Pasadena, CA 91101
$52.5 million

Buyer: Laurus Corporation
Total space: 163,234 sq. ft.
Price per square foot: $321.62
Year completed: 1983
Date sold: 1/30/15
Category: Office, Class A

This structure is close by the Paseo Colorado shopping area, allowing convenience to some of the finest restaurant & shops in Pasadena. It is also across the Hilton hotel. The 8-story midrise is energy efficient, having been awarded an Energy Star label four times in the past 6 years.

6. ARTS DISTRICT: North Building
1206-1338 E. 6th St., Los Angeles, CA 90021
$50.9 million

Buyer: SunCal Companies
Total space: 117,616 sq. ft.
Price per square foot: $432.88
Year completed: 1963, renovated 2000
Date sold: 3/26/15
Category: Industrial

This former refrigeration facility in the trendy Arts District was sold just last week to SunCal Companies, an Irvine-based investment company. Due to real estate boom in the area, the lot will likely be made into multifamily, townhome, live/work or mixed-use space – although no specific plans have been announced. The space is part of a 14.6 acre purchase in the area by the investment firm.

7. REDONDO BEACH: Novella Redondo
616 Esplanade, Redondo Beach, CA 90277
$50.8 million

Buyer: Stockbridge Capital Group
Total space: 170,000 sq. ft. (105 units, $483,333 per unit)
Price per square foot: $298.53
Year completed: 1971, renovated 2013
Date sold: 1/22/15
Category: Multifamily

The Novello Redondo apartments feature ocean-views in some of their units and a resort-style swimming pool. However, who needs a pool when the ocean is a block away. The Redondo Beach Boardwalk is walking distance away, enabling tenants to jog, bike and walk to nearby restaurants and stores.

8. EL SEGUNDO: Office Building
701 S. Aviation Blvd., El Segundo, CA 90245
$50 million

Buyer: Westbrook Partners
Total space: 309,000 sq. ft.
Price per square foot: $161.81
Year completed: 1968
Date sold: 1/22/15
Category: Office, Class C

Westbrook Partners purchased this El Segundo Building in January for exactly $50 million. According to CoStar, the entire building is vacant. So this could a great opportunity for a large corporate or technology company to lease, potentially, the whole building.  

9. PLAYA VISTA: Twelve555
12555 Jefferson Blvd., Los Angeles, CA 90066
$48.5 million

Buyer: Mani Brothers Real Estate Group
Total space: 89,365 sq. ft.
Price per square foot: $542.72
Year completed: 1985, renovated 2008
Date sold: 3/17/15
Category: Office, Class A

Named for its address, Twelve555 is composed of two, 3-story buildings located in Playa Vista, two blocks away from Google’s new, planned LA headquarters. The building was purchased last month by the Mani Brothers, who just bought the Malibu Beach Inn (#3 on this list) from billionaire David Geffen for nearly $80 million.

10. SANTA MONICA: Ocean Park Plaza
2701 Ocean Park Blvd., Santa Monica, CA 90405
$47 million

Buyer: Westbrook Partners
Total space: 100,983 sq. ft.
Price per square foot: $465.42
Year completed: 1987
Date sold: 1/16/15
Category: Office, Class B

Across the street from the Santa Monica Business Park, this office is right in the middle of all the action – next to the Santa Monica Airport and minutes away from LAX and Downtown LA / Santa Monica.  This building is perfect for creative office space users, given its heavy-pour concrete and slab-to-slab construction. Other characteristics include operable windows, interior courtyards and water features.