Malibu, Calif. — Pacific Equity Properties Inc. has received $130 million in construction financing for Cross Creek Ranch Malibu, a 112,000-square-foot mixed-use development in Malibu, a beach city just west of downtown Los Angeles.
Cross Creek Ranch is the largest development to be approved since the Malibu incorporated in 1991, according to the developer. The property will offer 70,000 square feet of retail and restaurant space, including 10,000 square feet of interior dining, and 42,000 square feet of Class A office space.
More than 80 percent of Cross Creek Ranch’s 12.9-acre grounds will be dedicated to landscape architecture, water treatments and gathering places. The development will also feature subterranean and perimeter surface parking. The project is slated for completion in 2023.
“As opposed to focusing exclusively on the shopping experience of the center, we have put an emphasis on the communal aspect of Cross Creek Ranch. Our aim is to create an intimate, rural village atmosphere,” says Bryan Gordon, CEO of Pacific Equity Properties.
The site is located near shopping destinations such as Malibu Country Mart, Malibu Village, The Park at Cross Creek and Malibu Lumber Yard, immediately adjacent to a new expansion campus of Santa Monica College.
Integrated Capital Management LLC sourced the construction loan and also made an undisclosed amount of equity investment into the project. Related Fund Management is the lender. Architectural firm Marmol Radziner is the designer of the development.
Integrated Capital Management LLC is an investment and advisory firm based in Los Angeles. Pacific Equity Properties Inc. is a Santa Monica-based real estate development company.
— Julia Sanders