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23465 Civic Center Way

Larry McGuire Of MML Hospitality Leases Retail Space At Cross Creek Ranch Malibu With Landlord Bryan Gordon
LEASED

Larry McGuire Of MML Hospitality Leases Retail Space At Cross Creek Ranch Malibu With Landlord Bryan Gordon

23465 Civic Center Way

Building Size

Asset Type

Closing

Apr 22, 2025

AI

The property asset involved in this transaction is a retail space located at 23465 Civic Center Way, Malibu, known as Cross Creek Ranch. This retail space encompasses an area of 3,119 square feet, along with an additional 1,640 square feet designated for patio use. The market for this asset is Malibu.

Summary of transation details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Landlord: Bryan Gordon - Pacific Equity Partners
  • Tenant: Larry McGuire - MML Hospitality - Clark’s Oyster Bar
  • Broker: Jay Luchs - Newmark

This lease transaction marks a significant development as Cross Creek Ranch is set to open in August 2025. It will feature a total of 70,000 square feet dedicated to retail and restaurant space, with an additional 40,000 square feet allocated for office use. The design has been crafted by the architect firm Marmol Radziner, known for their contemporary approach, and includes various future tenants such as Kith, Frankie’s Bikinis, and Be Kind Pilates, among others.

Players

Jay Luchs

Newmark

Broker

$2B

vol

43 deals

Broker

Larry McGuire

MML Hospitality

Tenant

$127M

vol

3 deals

Tenant

Market CRE Market Snapshot

Boundary boundary · CRE · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93