Updated Dec 4, 2024
Newmark Brokers $80M Sale Of Malibu Retail Center Anchored By Whole Foods
23401 Civic Center Way
$80,000,000
$2,033/SF
Building Size
39,350 SF
Asset Type
Retail
Closing
Jul 1, 2024
About this deal
AI
The Park at Cross Creek in Malibu, a retail center spanning 5.96 acres and totaling 39,350 square feet, was sold for $80 million. The property is located at 23401 Civic Center Way and is home to various tenants, including Whole Foods. The sale was facilitated by Newmark, with PacificWest Asset Management slated to oversee management of the property.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $80,000,000
- Market: Malibu
- Seller: Edouard Gerschel - The Gerschel Family; Steve Soboroff - Soboroff Partners
- Brokers: Bill Bauman, Kyle Miller, and Jay Luchs - Newmark
- SF: 39,350
- PPSF: $2,033
Bill Bauman, Kyle Miller, and Jay Luchs from Newmark played integral roles as brokers in the sale of The Park at Cross Creek. The sellers of the property were Edouard Gerschel of The Gerschel Family and Steve Soboroff of Soboroff Partners.
On the Map
$80,000,000
$2,033/SF
Retail
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Players
Malibu Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93