An $84 million lease assignment for the Oakwood Apartments parcel in Marina del Rey won the support of the Small Craft Harbor Commission last week.
The county would receive a $4.2 million net proceed share upon closing of the assignment.
The commission approved recommendation of:
n an assignment of the parcel from Oakwood-Marina del Rey LLC to ASN Marina, LLC (ASN); and
n execution of a major sublease between ASN, as master sublessee, and Oakwood Marina del Rey Lessee, LLC, as master sublessee; and
n an amendment to the lease between the county and the Oakwood parcel lessee.
The requests require the approval of the County Board of Supervisors.
County Department of Beaches and Harbors staff recommended the commission support based on the financial condition of the assignee, the price to be paid for the leaseholds and improvements that will be made with potential redevelopment on the parcel; and the quality of the anticipated management of the leasehold by the new lessee.
Kerry Silverstrom, Marina chief deputy director, called the $84 million assignment price “fair.”
She reminded commissioners that under the county master lease, “the county’s consent is required on most lease assignments and that such consent may not be unreasonably withheld.”
The assignment calls for the assignee to retain the management services of Oakwood, the current lessee, in a day-to-day operation of the leasehold for seven years.