Bridge Group, Steerpoint Pay $60M for Greater Los Angeles Mall

Antelope Valley Mall

Bridge Group Investments and Steerpoint Capital have acquired Antelope Valley Mall, a 441,835-square-foot retail center in Palmdale, Calif. The firms paid $60 million for the asset. According to CommercialEdge, the seller was Aman Randhawa.

Earlier this year, the firms jointly acquired The Shops at Montebello, a 362,031-square-foot shopping center in Montebello, Calif. According to the same data provider, Bridge Group and Steerpoint paid $91.5 million for the property.

Built in 1990, on a 29.7-acre site—as shown by CommercialEdge—Antelope Valley Mall is anchored by Dillard’s, Macy’s and JCPenney. Other tenants at the property include Hollister, Yard House, Lane Bryant, Taco Bell and Paradise Furniture, among others. With approximately 8 million visits in 2021, the mall is home to more than 100 retailers and offers over 7,000 parking spots.

Located at 1233 Rancho Vista Blvd., the retail center is 4 miles from downtown Palmdale. The property also provides immediate access to Antelope Valley Freeway and Aerospace Highway. SVP National Leasing, a division of Centennial, oversees the leasing activity at the mall, which offers a gross leasable area of roughly 1 million square feet.

A reimagined retail destination

Steerpoint Capital’s current strategy is focused on adaptive reuse conversions and retail repositioning opportunities. Along with Bridge Group, the company will implement property upgrades, which will include enhanced dining options, additional entertainment offerings and a redesigned food court. The firms are also planning to re-tenant Mervyn’s former store, which is now vacant.

The retail sector passed a milestone at the midpoint of the year, when the national vacancy rate returned to pre-pandemic levels, according to a third quarter 2022 report from Marcus & Millichap. One of the lasting effects on the industry following the onset of the pandemic is that retailers are now investing in technology and consumer conveniences such as buy online, pick up in store and curbside services, according to Stephen Lebovitz, CEO of CBL Properties. The pandemic has also enhanced the importance of in-person experiences, shopping and socializing, which will continue to support the sector’s rebound.