Alfred Mann is cashing out.
The nearly 90-year-old billionaire is divesting his commercial real estate assets in the greater Valley. The sell-off will start with the 120-acre Mann Biomedical Park in Valencia, the Business Journal has learned.
The park, home to several Mann-affiliated companies, is in negotiations to be bought for about $100 million by Intertex Cos. in Valencia with financial backing from L.A. investment firm Oaktree Capital Management LP, according to multiple independent market sources.
The nearly 10-acre Sylmar Biomedical Park – which houses several other Mann-affiliated companies – also is on the market.
Ahmed Enany, president of the Southern California Biomedical Council, a Los Angeles trade group, said the sales could be a simple matter of estate planning, or Mann could be looking for more money to invest in his businesses.
Read the full story in the Sept. 8 edition of the Business Journal.