71-Acre Land Site Hits Malibu Market

In a very rare opportunity, a 71-acre land site has come to market in Malibu. The eight-parcel land site, which was formerly owned by Jerry Perenchio, is expected to sell for more than $150 million. Four of the parcels, a total of nearly 19 acres, are zoned for commercial development, offering a great opportunity to shape the future of the city. Savills Studley and The Agency are teaming to market the site. We sat down with Mauricio Umansky, founder and CEO of the Agency, to talk about the sale and how this unique site will impact the market.

GlobeSt.com: How did this large land portfolio come together for this sale?

Mauricio Umansky: During his lifetime, the late businessman and philanthropist Jerry Perenchio acquired a vast portfolio of real estate throughout Los Angeles. After his passing earlier this year, the new guardians of the estate decided to sell the Malibu land.

GlobeSt.com: Why is this an exciting and rare opportunity in Malibu?

Umansky: Comprising more than 70 acres across eight expansive residential and commercially zoned parcels in Malibu, this is the first time the land has been offered for sale in more than 30 years. Malibu currently has limited land development opportunities and these parcels are among the most significant and sought-after in the coastal city. A land portfolio offering of this magnitude is unprecedented in Malibu, and the new stewards of the land will play a significant role in shaping the city's future.

GlobeSt.com: What types of buyers are you marketing the property to, and why?

Umansky: We are mindful of preserving Mr. Perenchio's legacy and so we would like to sell this property to an individual who will create something wonderful for the Malibu community. Mr. Perenchio held this land for more than 30 years and did not develop. This is a special offering for a special buyer who will become the most important landowner in Malibu overnight.

GlobeSt.com: Is the site suitable for commercial development?

Umansky: Yes. Four of the eight land parcels are zoned for commercial development. Totaling 18.87 acres at 29136 Pacific Coast Highway, the Point Dume Parcel is the largest commercial development site in Malibu. Also included in the portfolio is one of the most visible commercial development sites in Malibu – the Island Parcel. This parcel is 1.11 acres and is located on the northwest corner of Webb Way and the Pacific Coast Highway. The other two commercial parcels are Sycamore Village and the Smith Parcel. Located at 23575 Civic Center Way, Sycamore Village comprises 10.02 prime acres located moments from the popular Malibu Country Mart and Lumber Yard Developments. And measuring 7.13 acres, the Smith Parcel is located on the corner of Civic Center Way and Stuart Ranch Road, and is another highly visible commercial opportunity.

GlobeSt.com: How will this sale potentially impact the Malibu real estate market?

Umansky: This sale will set a precedence in Malibu and the new owner will play a vital role in shaping the future of the city with what they choose to do with these very significant land parcels. Malibu has experienced an uptick of investment in both the commercial and residential real estate spheres in the past three years. We anticipate that the upward trajectory of pricing for both will continue and expect more high-end retailers will seek to establish a locale in Malibu.

In a very rare opportunity, a 71-acre land site has come to market in Malibu. The eight-parcel land site, which was formerly owned by Jerry Perenchio, is expected to sell for more than $150 million. Four of the parcels, a total of nearly 19 acres, are zoned for commercial development, offering a great opportunity to shape the future of the city. Savills Studley and The Agency are teaming to market the site. We sat down with Mauricio Umansky, founder and CEO of the Agency, to talk about the sale and how this unique site will impact the market.

GlobeSt.com: How did this large land portfolio come together for this sale?

Mauricio Umansky: During his lifetime, the late businessman and philanthropist Jerry Perenchio acquired a vast portfolio of real estate throughout Los Angeles. After his passing earlier this year, the new guardians of the estate decided to sell the Malibu land.

GlobeSt.com: Why is this an exciting and rare opportunity in Malibu?

Umansky: Comprising more than 70 acres across eight expansive residential and commercially zoned parcels in Malibu, this is the first time the land has been offered for sale in more than 30 years. Malibu currently has limited land development opportunities and these parcels are among the most significant and sought-after in the coastal city. A land portfolio offering of this magnitude is unprecedented in Malibu, and the new stewards of the land will play a significant role in shaping the city's future.

GlobeSt.com: What types of buyers are you marketing the property to, and why?

Umansky: We are mindful of preserving Mr. Perenchio's legacy and so we would like to sell this property to an individual who will create something wonderful for the Malibu community. Mr. Perenchio held this land for more than 30 years and did not develop. This is a special offering for a special buyer who will become the most important landowner in Malibu overnight.

GlobeSt.com: Is the site suitable for commercial development?

Umansky: Yes. Four of the eight land parcels are zoned for commercial development. Totaling 18.87 acres at 29136 Pacific Coast Highway, the Point Dume Parcel is the largest commercial development site in Malibu. Also included in the portfolio is one of the most visible commercial development sites in Malibu – the Island Parcel. This parcel is 1.11 acres and is located on the northwest corner of Webb Way and the Pacific Coast Highway. The other two commercial parcels are Sycamore Village and the Smith Parcel. Located at 23575 Civic Center Way, Sycamore Village comprises 10.02 prime acres located moments from the popular Malibu Country Mart and Lumber Yard Developments. And measuring 7.13 acres, the Smith Parcel is located on the corner of Civic Center Way and Stuart Ranch Road, and is another highly visible commercial opportunity.

GlobeSt.com: How will this sale potentially impact the Malibu real estate market?

Umansky: This sale will set a precedence in Malibu and the new owner will play a vital role in shaping the future of the city with what they choose to do with these very significant land parcels. Malibu has experienced an uptick of investment in both the commercial and residential real estate spheres in the past three years. We anticipate that the upward trajectory of pricing for both will continue and expect more high-end retailers will seek to establish a locale in Malibu.