JLL Capital Markets brokers $135 million first lien financing for the 122,324-square-foot Cross Creek Ranch in Malibu, CA

 

 

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

JLL worked on behalf of the borrower, Pacific Equity Properties, to secure the five-year loan from Torchlight Investors.

 

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

Pacific Equity Properties, a developer and owner of shopping centers and mixed-use properties, was founded in 1986 and is owned by Bryan Gordon.

 

“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

The Torchlight Investors team was led by Jon Stein, Partner and Co-Head of Private Acquisitions.

 

“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.

Tim Donald

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, or equity advisory. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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CONTACT:

 

Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com