Isabella Farr

Pacific Equity Partners has scored a $135 million loan to refinance Cross Creek Ranch, a large Malibu retail and office development slated to open this year. Torchlight Investors provided the five-year loan, according to property records and an announcement from JLL, which arranged the financing. Terms of the deal were not disclosed. The 122,000-square-foot property, at 23465 Civic Center Way, is about 60 percent retail and 40 percent office space, according to JLL. The loan values the property at upwards of $1,200 a square foot. According to the website for the development, it’s set to open this year, though no tenants have been announced yet. Jay Luchs, a luxury retail broker at Newmark who is involved in the project, plans to open his own business at a 600-square-foot location at the property, CoStar reported last year. The loan replaces $130 million in construction financing, provided by Related Fund Management in 2021, records show. The property is set to be the largest development approved by the beachside city since it was formally incorporated in 1991. It will sit right next to Malibu Country Mart, owned by Koss Real Estate, and Malibu Village. Stan Kroenke, the billionaire owner of the Los Angeles Rams, bought Malibu Village in June for $81.5 million, or about $1,600 per square foot.

Pacific Equity Partners

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