Shopping Center Sale: Malibu Village

Posted by admin  at June 7th, 2014

Jamestown, an Atlanta-based real estate investment firm, has acquired Malibu Village – one of Malibu’s premier shopping center locations. The sellers were KRE Capital and Dune Real Estate Partners. The sale also names Pouya Abdi, Michael Shabani, and Jay Luchs as previous minority owners. These sellers purchased the property and improved it in 2007, and also found tenants. The estimated sale price is more than $120 million.

The center is an outdoor mall with a size of 50,000 square feet. It sits at Cross Creek Road and Pacific Coast Highway. The center is 90 percent occupied and houses desirable tenants such as Sephora, Missoni, True Religion, Levi’s, and Banana Republic. The center is also home to a Chipotle, Regal’s Twin Cinema, Marmelade Café, and Wells Fargo Bank. Jamestown does not plan to make any significant alterations to the site, but it will hope to implement an additional tenant mix of local stores and restaurants. Jamestown has experience acquiring Southern California properties – their portfolio includes the Lantana office, studio and production complex in Santa Monica. Jamestown primarily has properties on the East Coast, but other California holdings include properties in Berkeley, San Luis Obispo and San Francisco’s famed Ghirardelli Square. The company hopes to find more Southern California properties that will provide the opportunity for growth.

Sources:
http://www.latimes.com/business/realestate/la-fi-malibu-village-sale-20140529-story.html