Joint Venture Acquires California’s Third Busiest Retail Center
Diverse industry leaders Pacific Retail Capital Partners (PRCP), Lyon Living and Silverpeak have acquired two-million-square-foot Lakewood Center in Southern California.
This joint venture aims to reposition the second-largest single-level enclosed mall in Los Angeles County as a mixed-use community hub with retail and residential spaces.
Lakewood Center attracts 22 million annual visitors, ranking third in California and sixth nationwide for traffic. Anchor stores include Costco, Target, Macy’s and Best Buy. It is surrounded by 10 colleges and universities within a 15-mile radius.
The redevelopment will include wellness amenities, dynamic green spaces and unique entertainment woven into a walkable, pedestrian-friendly environment.
“Lakewood Center is situated within a core growth market we know well – Southern California,” Oscar Parra, principal for Pacific's Special Situations Group, told GlobeSt.com.
“We believe that with our track record of evolving real estate for the next generation and the institutional knowledge that our partners Lyon Living and Silver Peak bring, we will unlock the true underlying value of the asset.”
This marks the first project that the JV is working on together.
Mixed-Use Development Completed in Beverly Hills
Meanwhile, construction has been completed for a luxury mixed-use redevelopment in Beverly Hills’ Golden Triangle area, created by Nadel Architects.
Commissioned by the Sterling Organization, the complex at 315/319 N. Beverly Drive has reimagined a former single-tenant retail space into a three-story destination featuring upscale retail, restaurant and office use.
The nearly 150-acre development enhances Beverly Hills’ urban fabric with more than 14,000 SF of premium space and an expansive 784 SF third-floor terrace and commanding street presence. Leasing is underway.
It also includes 3,552 square feet of ground-floor retail/restaurant space with double-height frontage. Plus, the site's integrated mechanical parking carousel, the first of its kind in the area, can hold 12 SUVs.
Source: GlobeSt/ALM