$80M Sale Of Marymount California University To UCLA Completed

RANCHO PALOS VERDES, CA —The sale of Marymount California University — which closed in August of 2022 — officially closed this month, making the University of California, Los Angeles the new owner.

The Rancho Palos Verdes campus and housing site in San Pedro sold for $80 million and was officially completed on Jan. 25, according to Berkadia Real Estate Advisors, who represented MCU in the sale.

"By selling its campus to UCLA, MCU has enabled UCLA to expand enrollment and meet increasing demand for its academic offerings," said Senior Managing Director Adrienne Barr of Berkadia. "More individuals will have the opportunity to advance their education in an amazing environment and the seller is happy that their mission of teaching, educational excellence and community service will be continued by a very high-quality buyer who will be a great contributor to the local community."

After the announcement of MCU's closure in April, which Marcotte said was due to declining student enrollment, rising costs and the pandemic, the 54-year institution is passing on its seaside campus to UCLA.

The land acquisition is the largest in UCLA history, totaling more than 35 acres between the campus and residential site. UCLA Chancellor Gene Block said the site may host academic programs as soon as next year.

“We are certain UCLA will be an outstanding steward of the campus for the cities of Rancho Palos Verdes and San Pedro in the South Bay of Los Angeles,” said Brian Marcotte, President of MCU.

Since the campus's closure, Marcotte said they had over 300 offers to buy the properties. After months of negations with multiple parties, UCLA announced in September 2022 that it has purchased the properties.

Marcotte said the deciding factors for the choice to sell to UCLA were the university's long track record of educational excellence and determination to, "build upon the mission of teaching and community service we established here.”

According to Block, UCLA and the Academic Senate will establish a task force of faculty members and administrators to decide on how to use the property to expand access to education and keep in line with institutional goals.

“UCLA has been a crucial nexus of education, research and public service within Los Angeles for more than 100 years,” Block said. “As demand for our academic offerings continues to grow, this acquisition will allow us to expand student access in line with UC’s 2030 goals, strengthen our connections to the greater L.A. region, and deepen our institution’s research and public service impact.”