{"id":1004705990,"date":"2024-03-12T03:37:47","date_gmt":"2024-03-12T11:37:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004705990"},"modified":"2024-03-19T08:13:52","modified_gmt":"2024-03-19T16:13:52","slug":"pacific-equity-lands-135m-for-malibu-mixed-use","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pacific-equity-lands-135m-for-malibu-mixed-use\/","title":{"rendered":"Pacific Equity Obtains $135M for Malibu Mixed-Use"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a4d9837aa054&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" data-attachment-id=\"1004705995\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pacific-equity-lands-135m-for-malibu-mixed-use\/cross-creek-ranch\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/cross-creek-ranch.png\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"cross-creek-ranch\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Cross Creek Ranch features a mix of office and retail space. Image courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/cross-creek-ranch.png?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/cross-creek-ranch.png\" alt=\"Cross Creek Ranch\" class=\"wp-image-1004705995\" style=\"width:319px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/cross-creek-ranch.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/cross-creek-ranch.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/cross-creek-ranch.png?resize=768,576 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Cross Creek Ranch features a mix of office and retail space. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Pacific Equity Properties has secured a $135 million first lien financing for Cross Creek Ranch, a 112,000-square-foot retail and office campus in Malibu, Calif. Torchlight Investors provided the five-year note that retires a <a href=\"https:\/\/www.commercialsearch.com\/news\/cross-creek-ranch-malibu-lands-130m-loan\/\">$130 million construction loan<\/a> from 2021. JLL secured the funds for the borrower.<\/p>\n\n\n\n<p>Pacific Equity broke ground on the mixed-use project in 2021, after receiving the local authorities&#8217; final approval the previous year. It was, at the time, the largest development to be approved since the city\u2019s incorporation 30 years ago. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/here-comes-the-neighborhood-mixed-use-projects-bid-to-fit-in\/\">Here Comes the Neighborhood: Mixed-Use Projects\u2019 Bid to Fit In<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Completed last year, Cross Creek Ranch comprises 71,605 square feet of retail and 50,719 square feet of creative office space across 10 one- and two-story buildings. The property also features a subterranean parking garage, outdoor seating and landscaped courts. Newmark is the leasing broker for the property&#8217;s retail component, while CBRE is spearheading office leasing, CommercialEdge data shows.<\/p>\n\n\n\n<p>Located at 23465 Civic Center Way, in the core of Malibu\u2019s shopping district, the 13-acre complex is close to Pacific Coast Highway and adjacent to the Santa Monica College Malibu Campus. The property is roughly 30 miles west of downtown Los Angeles and some 12 miles from the Santa Monica Pier.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-mixed-use-development-on-the-rise\">Mixed-use development on the rise<\/h2>\n\n\n\n<p>Partner &amp; Co-Head of Private Acquisitions Jon Stein led the Torchlight Investors team that provided the financing. JLL Senior Director John Marshall and Associate Spencer Seibring, along with Analysts Allie Black and Tim Donald, headed the Capital Markets Debt Advisory team that represented the borrower in the transaction.<\/p>\n\n\n\n<p>As retail fundamentals were shaken by the pandemic, many of the Class B and C malls are being converted into <a href=\"https:\/\/www.commercialsearch.com\/news\/mixed-use-malls-and-the-15-minute-neighborhood\/\">mixed-use properties<\/a>. A JLL analysis of 153 mall redevelopments in the U.S. shows that 46 percent represent this type of projects, incorporating at least three uses, the largest share of these being in California.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proceeds retire a construction loan from 2021.<\/p>\n","protected":false},"author":3120,"featured_media":1004705995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1594,21752,21742,15],"tags":[32789,32796,50999,51055,50827,34948],"class_list":["post-1004705990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-los-angeles","category-mixed-use","category-latest","category-west","tag-cbre","tag-jll","tag-newmark","tag-pacific-equity-properties","tag-related-management-fund","tag-torchlight-investors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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