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The Real Deal Los Angeles

Kennedy Wilson shops Marina Del Rey office-retail complex for $60M

Listing comes on the heels of investment firm's big purchase of an office campus in San Fernando Valley
By Natalie Hoberman | March 13, 2019 05:00PM

Kennedy Wilson CEO William McMorrow and 13274 Fiji Way (Credit: LoopNet)

Kennedy Wilson is shopping a nearly fully-leased office and retail complex in Marina Del Rey for $60 million, or $790 per square foot, The Real Deal confirmed.

The 76,000-square-foot complex in the quiet seaside community just south of Venice dates to the 1960s. Real Estate Alert first reported the listing.

The office portion of the building at 13274 Fiji Way spans 61,000 square feet across six stories. It’s 98 percent leased, with rents at around 30 percent below market rate.

Additionally, the retail portion is 15,000 square feet, located adjacent to the office tower at 4816 Lincoln Boulevard.

Kennedy Wilson paid $21.5 million for the two properties in December 2012, deed records show. It then renovated the structures.

Newmark Knight Frank has the listing.

It comes on the heels of a recent big purchase by Kennedy Wilson. In January, the real estate investment firm paid Brookfield $160 million to acquire a 987,420-square-foot office campus in the San Fernando Valley. The massive property includes 10 buildings, a 144-seat amphitheater, cafe and outdoor patios on 80 acres.