Lincoln Property Company purchased a five-story Manhattan Beach office building on the Rosecrans Avenue corridor with multifamily redevelopment plans. The Dallas-based firm paid $70 million, or $569 per square foot for the 123,000-square-foot building. The seller is Continental Development Corporation; the firm’s president of development, Alex Rose, signed the grant deed dated mid-October. The deal involved $45 million in seller financing, according to a deed of trust signed by Southern California Lincoln Property executive Rob Kane. Berkadia’s Brett Betzler brokered the deal and said the offices will be demolished and replaced with apartments. Representatives for the buyer and seller did […]
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