Albee comments that the buyer was attracted to the deal by the"scarcity of office space in Malibu, the high barriers to entry fornew developments and the overall upside in the deal." Built in1980, the property is situated on 1.47 acres and includes 230 feetof frontage on PCH.
The building offers 180-degree ocean and beach views, Albeenotes, and the property is within walking distance of the MalibuPier and the Malibu Beach Inn. It also sits across the street froma new retail and restaurant development. Buyer Kenmore Group wasrepresented by Daniel Farasat of Tiger West Capital.
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