MARINA DEL REY, CA-Two private investment groups based in Los Angeles have acquired the 72,644-sf Marina Square office and retail center from a Kennedy Wilson partnership for $45.5 million. The property, at 4700 and 4720 Lincoln Blvd., consists of a 66,476-sf, class A three-story building and a corner pad building with ground-floor retail space totaling 6,168 sf.
Built in 1981 and completely renovated in 2006, the property is situated on slightly more than three acres at the southeast corner of Lincoln Boulevard and Mindanao Way, one of the highest-profile intersections on the Westside of Los Angeles. Kennedy Wilson bought the property in 2005 in a joint venture with Wachovia Securities, a non-bank affiliate of Wachovia Corp.
According to Mary Ricks, the president of Kennedy Wilson's investment sales and finance group, the project began as a dated strip mall plaza that the sellers "transformed into a first class asset." Kennedy Wilson provided the asset management, construction management and leasing for the project. In addition, the company's investment sales and finance group brokered the sale.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
