Cox, Castle & Nicholson Advises Shores LLC on Landmark $170 Million Sale of Marina del Rey Apartment Community

LOS ANGELES--(BUSINESS WIRE)--Aug 10, 2026--

Cox, Castle & Nicholson LLP, a leading full-service law firm specializing in real estate in the United States, is proud to have served as counsel to Shores LLC in the sale of Shores, a landmark 544-unit multifamily community in Marina del Rey, California, for $170 million. The property was sold to Jackson Square Properties affiliates. The transaction is one of the largest commercial real estate transactions in Los Angeles County in 2026.

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Completed in 2013, Shores is an irreplaceable residential community in Marina del Rey that features 544 contemporary residences across 12 interconnected five-story buildings. The marina-adjacent property offers primarily one- and two-bedroom residences with premium finishes, expansive views of the Pacific Ocean, marina, and landscaped courtyards, and a resort-style amenity program centered around a 2.5-acre park-like courtyard with a pool, dual spas, fire pits, barbecue areas, bocce court, and sky terraces.

The community represents the successful redevelopment of an underutilized 1960s-era garden apartment property into one of Southern California's premier coastal multifamily communities, designed to meet the growing demand from professionals throughout Silicon Beach and the surrounding Westside.

Cox Castle Partner Ira Waldman has advised on the Shores property for nearly four decades, providing legal counsel throughout every stage of the asset's evolution. His work began in the late 1980s with negotiations and documentation of the ground lease extension with the County of Los Angeles, the owner of the underlying land, and continued through multiple redevelopment scenarios, the financing and development of the existing community—including what was, at the time, the largest HUD-insured loan in the United States—ongoing leasehold and operational matters with the County, and ultimately the property's sale.

"Having the opportunity to advise on Shores over the course of nearly 40 years has been incredibly rewarding," said Waldman. "This transaction marks the culmination of decades of planning, redevelopment, financing, and stewardship of one of Southern California's most distinctive waterfront residential communities. We are proud to have helped guide the project through each chapter of its history. It has also been an honor to have worked for decades with the legendary Jerry Epstein, a founding father of Marina del Rey, in his tireless efforts to bring the Shores project to completion. It’s a fabulous development – and my son lives there.”

Waldman added, “It really took a team effort at all stages to bring the project to fruition and ultimate sale. We worked closely with the Jackson Square team and its counsel at Rutan & Tucker, especially Vijay Pai; the County of Los Angeles and its counsel at Glaser Weil; JLL, which brokered the sale transaction; David O. Levine and his team at Shores; and the team at First American Title Insurance Company. For a variety of reasons, the transaction had to close on June 30, 2026 – and it did.”

About Cox, Castle & Nicholson LLP

Cox Castle was founded in Los Angeles in 1968, with the goal of providing superior and comprehensive legal services to businesses, institutions, and individuals across all aspects of the real estate, finance, and construction industries. Cox Castle is now one of the largest full-service law firms specializing in real estate in the United States, with more than 140 transactional attorneys and litigators across its Los Angeles, Orange County, and San Francisco offices.

The firm has substantial expertise in matters involving land and improved property acquisitions and dispositions; joint ventures; single and multifamily residential development; land use, entitlement, and regulatory compliance (including coastal commission and condemnation); office, industrial, retail, data centers, and mixed-use development, leasing, and management; commercial lending and institutional investment; loan workouts and financial restructuring; construction; resort and hospitality; labor and employment; risk management and insurance; environmental compliance; renewable energy and natural resources; and tax and estate planning. For more information, please visit www.coxcastle.com.

Shores is a landmark 544-unit multifamily community in Marina del Rey, California.

Meta Platforms on Monday announced the release of a new artificial intelligence model that's open for other software developers to use as CEO Mark Zuckerberg warned of the risks if control of advanced AI is concentrated under a select few companies, institutions or governments.

The tech company included a “permissive” open source license for Muse Glimmer, a lightweight AI model that can run on a personal computer. Zuckerberg said the company would also would provide a way for developers to access a more powerful AI model, Muse Spark 1.2.

Meta has long been a proponent of open-sourcing its AI models, but has struggled to keep up with rivals including OpenAI, Anthropic and Google that have not taken the same approach.

In a lengthy essay published online, Zuckerberg laid out his vision for the future of AI and outlined why he thought open source is a better way for fair development of AI. He also included policy recommendations for keeping the U.S. ahead of rivals, including China.

Zuckerberg warned that if AI “superintelligence” ends up being controlled by a select few individuals, businesses, governments, or even “AI itself, then that will naturally lead to outcomes that are less favorable for everyone else."

The key is finding a balance that favors individuals and making sure that advanced AI is “broadly distributed" to empower billions of people using AI, he wrote.

Zuckerberg also made what could be a veiled reference to Meta's rivals, such as OpenAI and Anthropic, without naming specific companies.

“Most other labs are focused on building AI for companies, governments, or other institutions, so if those labs lead, then the balance of power will favor larger institutions over individuals,” he wrote.

The United States and its allies need to speed up building energy capacity and infrastructure to stay competitive with rivals like China, he said.

Zuckerberg said authorities should also reconsider their position on “ distillation,” which involves training a less capable model on the outputs of a stronger one. The Trump administration has vowed to crack down on Chinese AI companies using distillation to extract technical features from U.S. AI models. Anthropic earlier this year accused China's DeepSeek of using distillation.

"Some have tried to frame distillation as harmful, but I think it is important to protect the principle that you can learn from anything you can observe," Zuckerberg said. “This is how the world works, and the US will not be able to lead if we restrict ourselves on this front.”

FILE - Mark Zuckerberg talks about the Orion AR glasses during the Meta Connect conference on Sept. 25, 2024, in Menlo Park, Calif. (AP Photo/Godofredo A. Vasquez, File)