REVITALIZING MALLS:
THE STEELWAVE-STEERPOINT PARTNERSHIP
The American shopping mall is dying. The real estate beneath it doesn’t have to.
Across the country, once-bustling retail destinations sit half-empty, casualties of e-commerce and changing consumer habits. These properties represent both a challenge and an enormous opportunity—and that’s why SteelWave, in partnership with Steerpoint Capital, is making its mark.
Our approach is surgical. We invest in underperforming assets and reimagine them as vibrant community hubs that reflect how people actually want to live, work, and socialize today. Our repositioning strategy dramatically reduces outdated retail square footage while introducing diverse, high-demand uses that create all-day activity and entertainment.
But what does that look like in practice?
We’re curating a carefully balanced tenant mix that might include experiential dining destinations where people gather, entertainment venues, creative office spaces for companies seeking inspiring work environments, and residential components. The formula varies by location, but the principle remains constant: create mixed-use environments where different activities and populations intersect.
“We’re not just repositioning real estate—we’re rebuilding community gathering places,” says Gregg Hall, our Managing Director at SteelWave. “These properties sit on prime land with excellent access and infrastructure already in place. Our job is to unlock that potential by aligning what’s built on that land with what the community actually desires today.”
“Not every mall should be preserved, but the right sites can support something far more valuable than retail alone,” says Bo Okoroji, Founder and CEO of Steerpoint Capital. “As active operators, we focus on assets with the land, access, and infrastructure to support a fundamentally different future. Partnering with SteelWave allows us to pair disciplined operations with complex redevelopment expertise.”
Our first acquisition with Steerpoint brings this philosophy to life at Simi Valley Town Center, a property exemplifying both the challenges and opportunities in this space. It had become weighed down by too much retail square footage serving too few customers. But we saw a chance to create a destination that truly serves Simi Valley’s residents.
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We’re now deep in the collaborative process of repositioning the property, working closely with the city of Simi Valley, engaging residents to understand their priorities, and partnering with tenants to navigate the transition together.
The beauty of this approach is that it creates genuine wins on numerous fronts. Communities gain amenity-rich destinations that serve multiple needs throughout the day. And neighborhoods benefit from revitalized commercial centers that drive activity and value to surrounding properties.
From an investment perspective, the model is compelling. By diversifying the tenant mix and use types, we create multiple income streams that aren’t vulnerable to any single sector’s challenges.
One repositioned property at a time, we’re writing the next chapter for these community anchors—and we’re just getting started. redevelopment expertise.”
For more information, visit SteerpointCapital.com
