Malibu’s The Park at Cross Creek retail center has changed hands.
The Gerschel Family and Soboroff Partners sold the Southern California shopping center to a private investor for $80 million, according to industry sources. PacificWest Asset Management Corp. will manage and operate the property.
The five-building, 39,000-square-foot retail center at 23401 Civic Center Way is fully leased to 14 tenants and anchored by a Whole Foods Market. Blue Bottle Coffee, Howdy’s Sonrisa Café, Barefoot Dreams and a Tesla showroom are among the tenant mix.
In addition to shopping, dining and grocery space, The Park at Cross Creek has a learning garden, playground, horse hitching posts, a lounge area with rocking chairs and an open-air event space.
The Park at Cross Creek, opened in 2019, is fully leased to 14 tenants and anchored by a Whole Foods Market.
No new retail center had been built in Malibu in 35 years until The Park at Cross Creek opened in 2019. The retail center was built on a vacant dirt lot by The Gerschel Family, which owns properties in Colorado, Connecticut and New York.
Edouard Gerschel described the sale as “bittersweet” in a statement.
Newmark brokers Bill Bauman and Kyle Miller represented the buyer and seller.
Headquartered in Orange County, PacificWest Asset Management oversees 12 million square feet of retail, office and industrial properties, plus commercial office associations, throughout Southern California, according to the company’s website.
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