The Gerschel Family and Soboroff Partners have shed themselves of The Park at Cross Creek Shopping Center in Malibu.

Sources familiar with the matter report it traded for $80 million.

The center, located at 23401 Civic Center Way, spans roughly 40,000 square feet and is anchored by a custom-built Whole Foods Market. It was the first new retail center in Malibu in 35 years when it opened in 2019, according to a release.

“This is definitely a bittersweet moment as we say goodbye to Malibu,” Edouard Gerschel of the Gerschel Family said. “We are immensely proud of how we transformed what was a vacant 6-acre dirt lot into this beautiful amenity and appreciate the community’s continued patronage.”

The property was 100% leased at the time of sale. In addition to the 24,500-square-foot Whole Foods, the center is home to 13 other retail tenants, including Blue Bottle Coffee, Howdy’s Sonrisa Cafe, Barefoot Dreams and a Tesla showroom.

An unnamed private investor acquired it. It will be managed and operated by PacificWest Asset Management Corp. based in Costa Mesa going forward.

The development, which is made up of five buildings, also features a learning garden, playground and lounge area for open-air event space. It is popular among Malibu locals and visitors alike, according to a release. It boasts a 4.5% capitalization rate.

“It was a labor of love to bring this center to life after the lengthy entitlement process,” Steve Soboroff, managing director of Soboroff Partners, said. “Our goal was to create a place where all of Malibu felt welcome and I am gratified that the people living here have embraced it. I look forward to continued involvement in helping Malibu’s future.”

In a previous interview with the Business Journal, Soboroff said the development was so difficult that it took 15 years from start to finish and that Whole Foods’ lease actually expired before the store opened.

“The president of Whole Foods told me that’s never happened to them. We extended the lease,” he previously said. “I felt that this was needed for the community and the tenants I wanted to put in here were local tenants, people with Malibu and Valley heart to them. And so it was worth it.”

Soboroff is a veteran developer and civic leader. He recently served 10 years as the Los Angeles Police Commissioner. He has also served as parks commissioner and chief executive of Playa Vista.

Newmark agents Bill Bauman, Kyle Miller and Jay Luchs advised both the buyer and seller in the transaction.