Steve Plenge Of Pacific Retail Capital Sells Lakewood Center Mall In Los Angeles For $322.1M

The retail asset sold is located at 500 Lakewood Center Mall in the Lakewood market. The transaction was finalized with a sale price of $322,100,000. The property encompasses 2,000,000 square feet across 150 acres, with a price per square foot of $161.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $322,100,000
• Address: 500 Lakewood Center Mall
• Market: Lakewood
• Acres: 150
• Square Footage: 2,000,000
• Price Per Square Foot: $161
• Buyer: Steve Plenge - Pacific Retail Capital; Frank T. Suryan Jr. - Lyon Living; Kaushik Amin - Silverpeak
• Seller: Jackson Hsieh - Macerich

This sale involved a joint venture of Pacific Retail Capital Partners, Lyon Living, and Silverpeak as the buyers, while Jackson Hsieh represented Macerich as the seller. The new ownership group intends to undertake a large-scale redevelopment of the mall, transforming it into a mixed-use hub that will include retail, housing, dining, and open space in response to declining demand for traditional retail spaces.