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| Allie Black |
IRVINE, CA – JLL Capital Markets has closed the $135 million first lien financing for Cross Creek Ranch, a 122,324-square-foot, trophy, Class AA mixed-use property in Malibu, California.
The property consists of 71,605 square feet of
retail and 50,719 square feet of creative, modern office space.
 |
| Bryan Gordon |
Located in the heart of Malibu,
the property consists of 10 one- and two-story buildings, and a subterranean
parking garage. Tenants include a mix of luxury retail, chic boutiques,
eclectic eateries, as well as creative, modern office users.
Cross Creek Ranch is located at
23465 Civic Center Way in the renowned beach community of Malibu, which boasts
an estimated 15 million tourists per year.
Strategically positioned on 13 acres, it is directly adjacent to a
Whole Foods Market in the core of Malibu’s shopping district, which also
includes Malibu Country Mart, Malibu Village, and Malibu Lumber Yard. The
center is approximately 13 miles from the Santa Monica pier and 21 miles
northwest of Los Angeles International Airport.
 |
| Jon Stein |
“Malibu
remains as one of the most thoughtful municipalities in the U.S. for
community-focused and environmentally sensitive design," said Gordon.
"We
were enthused by the debt capital market’s demand for the property, fueled by
the irreplaceable location and exceptional retail and office leasing velocity
prior to certificate of occupancy.”
 |
| John Marshall |
“Torchlight
looks forward to the new relationship with Pacific Equity Properties and seeing
the asset through stabilization. We continue to pursue exciting opportunities
to extend credit to well-capitalized sponsors in large markets for core-plus
and value-add opportunities,” said Stein.
The
JLL Capital Markets Debt Advisory team was led by Senior Director John Marshall,
Associate Spencer Seibring and Analysts Allie Black and Tim
Donald.
“Retail and mixed-use property
is one of the most in-demand asset classes today. We were not surprised that
best-in-class sponsorship and a 2024 award-winning design were able to attract
multiple compelling bids in an evolving capital markets landscape,” said
Marshall.
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| Tim Donald |
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CONTACT:
Jenna Sharp
JLL, Public Relations
Capital Markets
Dallas, Texas
M +1 214 394 3356
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