**Joint Venture Acquires 2M-SF Lakewood Center with Plans for Major Redevelopment**
A joint venture involving Pacific Retail Capital Partners (PRCP), Lyon Living, and Silverpeak has acquired the 2-million-square-foot Lakewood Center in Lakewood, California. The property, sold by Macerich, will undergo a major transformation as new ownership prepares to reposition the 75-year-old retail center into a dynamic, mixed-use destination.
“Lakewood Center is more than a shopping destination — it’s a landmark of postwar American development, a cornerstone of the Lakewood community, and a symbol of how retail can evolve alongside the people it serves,” said Steve Plenge, CEO of PRCP. “Since opening in 1950, the property has adapted to the cultural, economic, and demographic shifts of Southeast Los Angeles, emerging as one of the most highly trafficked malls in the country and consistently generating over $1 billion in annual sales.”
Plenge emphasized that the ownership group aims to both honor Lakewood Center’s legacy and reimagine its future. “As we look ahead, our vision is to transform Lakewood Center into a next-generation mixed-use destination — one that meets the needs of a thriving, diverse community and continues to anchor regional vitality for decades to come,” he added.
Spanning nearly 150 acres, Lakewood Center is the second-largest single-level enclosed mall in Los Angeles County. The property attracts more than 22 million visitors annually, ranking third in California and sixth nationwide in terms of foot traffic.
The joint venture’s redevelopment plans will be driven by a comprehensive master plan expected to introduce new uses and upgraded public spaces while maintaining Lakewood Center’s prominence as a regional hub.
