Real Estate Developer Steven Soboroff Sells The Park at Cross Creek in Malibu for $80,000,000
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Real Estate Developer Steven Soboroff Sells The Park at Cross Creek in Malibu for $80,000,000

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.

July 11, 2024

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Editor in Chief, Cece Woods

Malibu Daily News Editor in Chief Cece Woods founded The Local Malibu, an activism based platform, in 2014. The publication was instrumental in the success of two ballot measures, seating three Malibu City Councilmen in 2016 and the supporting the top two vote-getters again in 2020.

During the summer of 2018, Woods exposed the law enforcement cover-up in the Malibu Creek State Park Shootings and a few short months later, provided the most comprehensive local news coverage during the Woolsey Fire attracting over 1 million hits across her social media platforms.