Ten years after the controversial development project slipped through the political cracks – and the Measure R formula retail ordinance aimed at preserving Malibu’s coastal rural character – the property has been sold for a whopping $80,000,000.
Despite Measure R overwhelmingly passing with 67% of the vote in November 2014 to keep chain stores out of Malibu, real estate developer and former LAPD Police commissioner Steve Soboroff pushed the project through the court process and won.
Judge James Chalfant ruled the Measure was unlawful in January, 2015 and the shopping center’s anchor tenant Whole Foods, officially opened in June, 2019.
On July 3rd, Soboroff told The Real Deal “This property was a wonderful property to own, a prestigious property for the investors and a profitable one,” Soboroff said.
Under the new owners, Costa Mesa-based PacificWest Asset Management will manage The Park at Cross Creek.
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