The Park at Cross Creek, a fully occupied retail center in Malibu, has been sold to a private investor for $80 million. The property was developed by the Gerschel Family and Soboroff Partners and is anchored by a custom-built Whole Foods Market. Newmark’s Bill Bauman and Kyle Miller represented both parties in the transaction.
Managed by PacificWest Asset Management Corporation, headquartered in Costa Mesa, The Park at Cross Creek opened its doors in 2019 as the first new retail center to open in Malibu after 35 years. Along with Whole Foods Market, other notable tenants include Blue Bottle Coffee, Howdy’s Sonrisa Café, Barefoot Dreams and Tesla showroom.
According to Edouard Gerschel of the Gerschel family who currently owns properties across Colorado,
Connecticut and New York City (previously Northern California), this sale marks an emotional moment as they bid farewell to Malibu. He expressed pride over their successful transformation of what used to be an empty six-acre dirt lot into this stunning amenity that continues to receive support from the community.
