An office campus perched on a coastal bluff in Malibu has traded hands for $12.5 million, records reveal. The buyer is connected to Weintraub Real Estate Group, and the seller is affiliated with LaSalle Investment Management, a JLL company.
The 39,000 square-foot campus called The Enclave had a $28 million price tag nearly a decade ago. The latest deal came to about $320 per square foot. Near Nobu and Soho House’s Little Beach House Malibu, the campus at 22619 Pacific Coast Highway hosts three buildings, each with three stories.
LaSalle Investment Management declined to comment, and Weintraub Real Estate Group did not immediately respond to a request for comment.
The property, which features private balconies and ocean views, is 66 percent occupied, which could partly explain the price cut. The recent sale also reflects changes in the office market since the pandemic and last year’s wildfires. The campus is in the Carbon Beach neighborhood of Malibu, sometimes called billionaire’s beach, where many luxe homes were destroyed by the Palisades fire. In the aftermath, the current construction on PCH may have factored into the price reduction, too.
The buyer received an about $8.8 million note, according to a loan document signed by Richard Weintraub, founder and CEO of the investment company. A LaSalle senior vice president signed the deed dated late-February. StoneHarbor Capital’s Steve Wiseman represented the buyer, and a CBRE team represented the seller.
On billionaire’s beach and La Costa Beach, deals for burned lots are selling for millions of dollars. One of the priciest deals last year was a property with 60 feet fronting the ocean on Carbon Beach. The 12,600-square-foot plot at 22102 Pacific Coast Highway traded for $14 million. Separately, one of California’s priciest per-key hotel deals ever happened minutes away. Luxury fashion brand Chrome Hearts’ $37.5 million Surfrider buy came out to almost $2 million per room.
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