JLL Capital Markets closed a $135-million first lien financing for Cross Creek Ranch, a 122,324-square-foot, trophy mixed-use property located at 23465 Civic Center Way in Malibu. Senior director John Marshall, associate Spencer Seibring and analysts Allie Black and Tim Donald worked on behalf of the borrower, Pacific Equity Properties, to secure the five-year loan from Torchlight Investors.
Comprised of 10 one- and two-story buildings, the property contains 71,605 square feet of retail and 50,719 square feet of creative, modern office space. Tenants include a mix of luxury retail, chic boutiques, eclectic eateries, as well as creative, modern office users.
Pacific Equity Properties, a developer and owner of shopping centers and mixed-use properties, was founded in 1986 and is owned by Bryan 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,” said Gordon.
The Torchlight Investors team was led by Jon Stein, partner and co-head of private acquisitions.
