Manhattan Beach Office Building Sold for $70 Million with Apartment Development Potential
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Lincoln Property Co. acquired an office building in Manhattan Beach for $70 million with the potential to add apartments. The building was acquired from developer Continental Development Corp., which noted that the seaside town has had few opportunities to build new apartments over the past 40 years.
The property’s zoning allows for apartment development, and it could increase the number of units through the use of the California State Density Bonus Program.
The property was touted as having proximity to major employers, including Southern California’s aerospace, defense, biotech and life sciences industries, and major office campuses and headquarters for companies like Chevron, Raytheon, Northrop Grumman, Boeing, LA Air Force Base, Rivian, Kite Pharma, Beyond Meat, Nantworks, Mattel and L’Oreal.
It is located near the Manhattan Village Shopping Center, which underwent a $250 million renovation in 2021.
Information for this article was sourced from Lincoln Property Co.
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