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3/13/24
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Pacific Equity Properties recently obtained $135 mil in construction take-out financing on Cross Creek Ranch, a 122.3k sf, trophy, Class AA mixed-use property in Malibu. The property consists of 71.6k sf of retail and 50.7k sf of creative, modern office space.
Cross Creek Ranch sits on 13 acres at 23465 Civic Center Way in the heart of the Malibu beach community, which boasts an estimated 15 million tourists per year. The property consists of 10 one- and two-story buildings, and a subterranean parking garage. Tenants include a mix of luxury retail, chic boutiques, eclectic eateries, as well as creative, modern office users.
The property consists of 10 one- and two-story buildings, and a subterranean parking garage. Tenants include a mix of luxury retail, chic boutiques, eclectic eateries, as well as creative, modern office users.
The property is directly adjacent to a Whole Foods Market in the core of Malibu’s shopping district, which also includes Malibu Country Mart, Malibu Village, and Malibu Lumber Yard. The center is approximately 13 miles from the Santa Monica pier and 21 miles northwest of Los Angeles International Airport.
John Marshall, Spencer Seibring, Allie Black and Tim Donald with JLL Capital Markets Debt Advisory Team arranged the five-year loan through Torchlight Investors, led by Jon Stein. Pacific Equity Properties, a developer and owner of shopping centers and mixed-use properties, was founded in 1986 and is owned by Bryan Gordon.
“Retail and mixed-use property is one of the most in-demand asset classes today. We were not surprised that best-in-class sponsorship and a 2024 award-winning design were able to attract multiple compelling bids in an evolving capital markets landscape,” noted Marshall.
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