Kroenke snaps up Malibu shopping center for $82M
Jamestown sells Malibu Village at steep discount
In addition to his array of pro sports teams, Stan Kroenke also collects shopping malls in Southern California, based on the billionaire developer’s latest purchase.
Kroenke, owner of the Los Angeles Rams, the Denver Nuggets and U.K. soccer club Arsenal, has bought Malibu Village, a 51,000-square-foot shopping center in Malibu, for $81.5 million, or about $1,600 per square foot, according to a source familiar with the matter.
Doug Harmon, Kevin Donner and Ben Lushing picked up the assignment while they were at Cushman & Wakefield, though the team has since moved to Newmark. The brokers declined to comment, and Kroenke could not be reached for comment.
Jamestown, the Atlanta-based real estate investment firm best known for owning One Times Square in New York City, sold the property for about $40 million less than what it bought it for almost 10 years ago, records show. Jamestown did not respond to a request for comment.
In 2014, Jamestown bought Malibu Village, located at 3836 Cross Creek Road, for $120 million, or $2,350 a foot, from a group of investors that included Pouya Abdi, Michael Shabani and Jay Luchs.
Since then, Malibu has passed new ordinances to regulate chain stores. Under the 2018 revisions, a retail tenant can only sign a lease in Malibu if they have 10 stores or fewer.
Current tenants at the property include Sephora, Fred Segal, Wells Fargo, Lululemon and tourist haunt Broad Street Oyster Co.
With his purchase, Kroenke has now spent north of $700 million buying retail real estate across the Los Angeles market, according to an analysis by The Real Deal.
Last year, he splashed $325 million on The Village, an outdoor shopping mall in Woodland Hills — a mall previously owned by Unibail-Rodamco-Westfield. He also bought a defunct indoor mall just south of The Village for $150 million — also a former URW property — and a nearby 13-story office building on a full block in Woodland Hills for $175 million.