Albee comments that the buyer was attracted to the deal by the "scarcity of office space in Malibu, the high barriers to entry for new developments and the overall upside in the deal." Built in 1980, the property is situated on 1.47 acres and includes 230 feet of frontage on PCH.
The building offers 180-degree ocean and beach views, Albee notes, and the property is within walking distance of the Malibu Pier and the Malibu Beach Inn. It also sits across the street from a new retail and restaurant development. Buyer Kenmore Group was represented by Daniel Farasat of Tiger West Capital.
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