THE PARK AT CROSS CREEK
23401 Civic Center Way, Malibu Deal
Value: $80 million
This transaction involves the sale of The Park at Cross Creek, the wildly successful Malibu retail center anchored by a custom-built Whole Foods Market. Newmark arranged the sale of the center at 23401 Civic Center Way, which totals 39,350 square feet on 5.96 acres. The property is 100% leased and features a thoughtfully curated mix of complimentary restaurants and shops. Jay Luchs, Bill Bauman and Kyle Miller represented the buyer and seller. The property will be managed and operated by PaciÿcWest Asset Management Corporation headquartered in Costa Mesa.
Debuting in 2019, The Park at Cross Creek was the first new retail center to open in Malibu in 35 years. Its diverse mix of locally owned small businesses and national retail tenants located in ÿve buildings thoughtfully integrated into their surroundings, along with a sensory garden and multiple park spaces, proved popular with Malibu locals and visitors alike. That high esteem translated into the center being fully leased from the start, a trend that continues to today, and boasting a capitalization rate of 4.5%. In addition to the Whole Foods Market, tenants calling the center home include Blue Bottle Coffee, Howdy’s Sonrisa Cafe, Barefoot Dreams and a Tesla showroom.
