Unusually large commercial site comes on the market in Malibu
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One of the largest parcels of raw land suitable for commercial development in Malibu has hit the market, drawing interest from investors around the world. The asking price is $14 million.
The 9.2-acre site known as the Wave Property is on La Paz Lane off of Civic Center Way, adjacent to the Los Angeles County Courthouse and the county library.
The seller is a partnership that is dissolving by court order and the land is an asset that must be sold, according to real estate brokerage Colliers International. Members of the partnership include Pepperdine University, Paul Shoop Family Trust and First American Title Co.
“We are receiving interest from investors in China and India as well as sovereign wealth funds in the Middle East like the United Arab Emirates and Qatar,” Colliers broker Chris Maling said.
Potential uses allowed on the property include offices, stores, restaurants, senior housing and storage.
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