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The Real Deal Los Angeles

Manhattan Beach market reaches new heights with $18.4M deal

Sources say deal may have set a new record for the city
By Katherine Clarke | April 11, 2017 05:00PM

104 The Strand (Credit: Redfin)

The $18.4 million sale of a oceanfront Manhattan Beach home has likely set a new record price for the city, The Real Deal has learned.

An entity linked to John Baumer, a partner at private equity firm Leonard Green & Partners, snagged the property from developer Demetrius Doukoullos of Acropolis/Delphi Properties, who built it. Doukoullos bought the site, at 104 The Strand, for $9.9 million in 2014, records show.

Brokers in the area said they believed the deal to be a record price, though that could not be verified independently. Local agent Barbi Pappas said she believed she previously held the record price, for a $16 million sale she brokered at 853 3rd Street in 2013.

The contemporary-style property totals 6,123 square feet and has five bedrooms, according to Zillow. It also has an elevator and a four-car garage.

The new benchmark for Manhattan Beach may not last long. A property at 317 17th Street recently hit the market for $19.95 million.