• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

DSB Properties revealed as buyer of Malibu shopping center

A local shopping center owner is behind the purchase of Malibu’s The Park at Cross Creek, which traded for $80 million earlier this summer.

The retail center at 23401 Civic Center Way was developed by Steve Soboroff’s Soboroff Partners and the Gerschel family; it traded in late June to a then-undisclosed buyer. The 39,350-square-foot neighborhood center anchored by a Whole Foods Market boasted 100 percent occupancy and a 4.5 percent cap rate at the time of the deal.

David Blatt, the head of Van Nuys-based shopping center owner DSB Properties, financed the deal through a $25 million loan from City National Bank, according to now-available loan documents.

The retail center’s ownership is a tenant-in-common structure with two LLCs tied to Blatt under the same headquarters address of The Park at Cross Creek’s property management firm PacificWest Asset Management, according to property records.

Costa Mesa-based PacificWest’s portfolio of managed properties includes retail, office and industrial totaling 12 million square feet, according to the company’s website.

The Park at Cross Creek is another notch in the belt of Blatt’s DSB Properties, which The Real Deal earlier reported as owning about a dozen retail centers throughout Southern California.

The Malibu shopping center made its debut in 2019 after a long entitlement process. Plans for the project initially faced pushback from some in the beachside city looking to uphold a ballot measure limiting chains and large-scale developments. In fact, the process took so long, the original lease Whole Foods inked at The Park at Cross Creek expired before the store actually opened, Soboroff told TRD at the time of the property’s sale.

Other tenants currently at the center include a Blue Bottle Coffee, Barefoot Dreams and Howdy’s Sonrisa Café, in addition to a park area and an event space.

Read more

  • Soboroff Partners, Gerschel family sell Malibu’s Park at Cross Creek
  • Here are LA County’s biggest retail sales of 2019
  • Four questions with Steve Soboroff

The post DSB Properties revealed as buyer of Malibu shopping center appeared first on The Real Deal.

Powered by WPeMatico

  • 31 July 2024
  • The Real Deal
  • Uncategorized
  •  Like
Los Angeles’ Top Brokerage Ranking 2024 →← Donald Bren of Irvine Company leads parade of OC’s wealthiest
  • Recent Posts

    • Hoteliers sound the alarm on looming distress  May 24, 2025
    • Growth markets see retail boom even with tariff uncertainty May 24, 2025
    • Westchester resi project gets city OK after union drops objection May 23, 2025
    • WATCH: ‘Father of CMBS’ Ethan Penner to run for governor of California May 23, 2025
    • Fashion Island office fetches $756 psf May 23, 2025
  • Recent Comments

    • Archives

      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM