SoCal Investor Dwight Manley Lands $112M for Planned Costco Redevelopment
The Brea, Calif., City Council agreed to grant Manley a 50-year sales tax rebate if he secures a lease with Costco for the 34-acre property, which he recently acquired for $140M
By Nick Trombola January 29, 2026 6:10 pm
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A Southern California investor has secured a nine-figure acquisition financing deal for a 34-acre redevelopment in Orange County, Calif., where he hopes to lure Costco to be an anchor tenant.
Dwight Manley — real estate developer, television producer, sports agent and rare coin mogul — secured $112 million to finance his recent $140 million purchase of the Beckman Coulter Campus in Brea, Calif., which he plans to convert into a residential complex centered around a potential future Costco store. Funds managed by Fortress Investment Group originated the debt, which is split into $107 million in acquisition financing and a $5 million operating reserve.
JLL’s Matt Stewart, Kellan Liem, Serge Sarkissian, John Rankin and Kyle White announced the financing and represented Manley in the debt deal.
“This transaction represented a rare opportunity to acquire one of the largest contiguous sites available in infill Southern California,” Stewart said in a statement.
Manley bought the five-building, mixed-use property at 200 South Kraemer Boulevard from a Hines and Oaktree Capital Management joint venture earlier this month, according to the Orange County Business Journal.
The Brea City Council late last year agreed to grant Manley a 50-year sales tax rebate if he closes a lease deal with Costco within one year of his purchase, according to the L.A. Times. If the lease deal goes through, Manley will earn a 100 percent rebate of all sales tax revenue generated by the Costco location during its first two years of operation. Throughout the rest of the deal, the city would collect 42.5 percent of sales tax revenue. The deal could ultimately provide Manley with an $83.5 million reimbursement, per the Times.
Aside from his sports agency career (Manley represented NBA Hall of Famer Dennis Rodman in the 1990s) and his treasure-hunting exploits (his company, California Gold Marketing Group, acquired and marketed gold recovered from the sunken S.S. Central America), Manley has been an active real estate developer in Brea for nearly 25 years, per JLL.
That includes his late 2024 purchase of 1698-1700 Greenbriar Lane from Mercury Insurance for $31.5 million. Last April, Manley received approvals to redevelop the 9.7-acre office property into a 180-unit multifamily complex.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
