The University of California Los Angeles purchased two properties belonging to Marymount California University, which ceased operations last year, for $80 million.
UCLA acquired the main coastal property, which totals 24.6 acres of developed campus and vacant land in Rancho Palos Verdes, and a neighboring vacant 86-unit student apartment complex on over 11 acres in San Pedro.
A Cushman & Wakefield team led by Mike Condon Jr. and Kimberly Brown, along with McKenna Gaskill, Erica Finck, Jacob Kovner and Connor Martin, represented UCLA. The seller, Marymount California University, was represented by Berkadia.
Cushman & Wakefield first announced the sale was under contract in September. According to the Los Angeles Times, UCLA will use general-revenue bonds to finance the purchase.
Marymount California University, a private Catholic university, permanently closed operations at the campus last year because enrollment had dropped to about half, causing severe budgetary problems, according to a Forbes report.
UCLA will establish a task force to study how best to utilize the property.
The campus is at 30800 Palos Verdes Dr. East and consists of 10 existing academic buildings totaling 92,268 square feet of gross building area previously used for classroom, administrative and other campus functions. The sale also includes an apartment complex spanning 18 buildings located at 1600 W. Palos Verdes Dr. North. Known as The Villas.
“UCLA has been a crucial nexus of education, research and public service within Los Angeles for more than 100 years,” said Chancellor Gene Block. “As demand for our academic offerings continues to grow, this acquisition will allow us to expand student access in line with UC’s 2030 goals, strengthen our connections to the greater L.A. region and deepen our institution’s research and public service impact.”
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