California State University Closes Public-Private Partnership With K-W Properties
Assisted California State University and California State University Channel Islands Site Authority in selling a ground lease interest in commercial and multi-family residential property to K-W Properties, an affiliate of Kennedy Wilson, for $82 million. Kennedy Wilson will operate and maintain designated rental housing and commercial retail facilities, while the Site Authority will continue to exercise land use authority over the property. The transaction, a first of its kind in the State of California, is an effort to assist the State in funding its California State University operations at the Channel Islands campus. California State University expects this transaction to serve as a system-wide model.
The Newport Beach-based team representing California State University and the Site Authority included Tom Clark, Vanessa Legbandt and Sean Absher (San Francisco). California State University and the Site Authority were also represented by the Office of General Counsel.