Antelope Valley Mall
Bridge Group Investments and Steerpoint Capital have acquired Antelope Valley Mall, a 441,835-square-foot retail middle in Palmdale, Calif. The corporations paid $60 million for the asset. In response to CommercialEdge, the vendor was Aman Randhawa.
Earlier this 12 months, the corporations collectively acquired The Retailers at Montebello, a 362,031-square-foot buying middle in Montebello, Calif. In response to the identical information supplier, Bridge Group and Steerpoint paid $91.5 million for the property.
Inbuilt 1990, on a 29.7-acre website—as proven by CommercialEdge—Antelope Valley Mall is anchored by Dillard’s, Macy’s and JCPenney. Different tenants on the property embody Hollister, Yard Home, Lane Bryant, Taco Bell and Paradise Furnishings, amongst others. With roughly 8 million visits in 2021, the mall is house to greater than 100 retailers and gives over 7,000 parking spots.
Positioned at 1233 Rancho Vista Blvd., the retail middle is 4 miles from downtown Palmdale. The property additionally supplies speedy entry to Antelope Valley Freeway and Aerospace Freeway. SVP Nationwide Leasing, a division of Centennial, oversees the leasing exercise on the mall, which gives a gross leasable space of roughly 1 million sq. ft.
A reimagined retail vacation spot
Steerpoint Capital’s present technique is targeted on adaptive reuse conversions and retail repositioning alternatives. Together with Bridge Group, the corporate will implement property upgrades, which can embody enhanced eating choices, extra leisure choices and a redesigned meals courtroom. The corporations are additionally planning to re-tenant Mervyn’s former retailer, which is now vacant.
The retail sector handed a milestone on the midpoint of the 12 months, when the nationwide emptiness price returned to pre-pandemic ranges, in accordance with a 3rd quarter 2022 report from Marcus & Millichap. One of many lasting results on the trade following the onset of the pandemic is that retailers are actually investing in know-how and client conveniences resembling purchase on-line, decide up in retailer and curbside companies, in accordance with Stephen Lebovitz, CEO of CBL Properties. The pandemic has additionally enhanced the significance of in-person experiences, buying and socializing, which can proceed to help the sector’s rebound.
