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7/02/24
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The Park at Cross Creek, an upscale, 39.4k sf retail center anchored by a custom-built Whole Foods Market in Malibu, has traded hands. Situated on just under six acres at 23401 Civic Center Way, the asset was sold by The Gerschel Family and Soboroff Partners.
Industry sources tell us the property likely fetched near $80 mil, which would give it a value of around $2,000 per square foot. The buyer was not named at this time.
When built in 2019, The Park at Cross Creek was the first new retail center to open in Malibu in 35 years. It is 100% leased and features a thoughtfully curated mix of complimentary restaurants and shops. In addition to the 24.5k sf Whole Foods Market, tenants at the center include Blue Bottle Coffee, Howdy’s Sonrisa Café, Barefoot Dreams, and a Tesla showroom.
Along with the 14 retail tenants, The Park at Cross Creek is home to a learning garden operated through a partnership with Big Green, which connects children with real food; a state-of-the-art playground designed by Shane’s Inspiration that can be enjoyed by children with mobility challenges and developmental disabilities; a Horse Hitching Post for the equestrian community’s use; a lounge area with rocking chairs known as The Porch; and an open-air event space.
The property will be managed and operated by PacificWest Asset Management Corporation. Bill Bauman, Kyle Miller and Jay Luchs with Newmark represented both the buyer and the seller in the deal.
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