Stan Kroenke, best known as the owner of the Los Angeles Rams, is diving further into Southern California’s commercial real estate market with another major investment. This time, Kroenke acquired a 51,000 square foot shopping center in Malibu for $81.5 million, or about $1,600 per square foot, according to The Real Deal, which first reported on the story. The property was sold by Jamestown, an Atlanta-based real estate investment and management firm.
The property, which is also known as Malibu Village, is located at 3836 Cross Creek Road. Malibu Village is home to a number of retailers, including Lululemon Athletica, Chipotle, Sephora, The Alcove, Broad Street Oyster Co. and many others. The property is situated just off the Pacific Coast Highway and near various other retailers and amenities like the Malibu Lagoon State Beach.
Prior to the recent acquisition, the property had been owned by Jamestown for a number of years. Public records indicate that Jamestown had previously acquired Malibu Village in 2014 for $120 million, or approximately $2,352 per square foot.
Founded in 1983, Jamestown has executed transactions totaling approximately $40 billion. The company currently has $12.5 billion worth of assets under management and a portfolio spanning markets throughout the United States, Europe and Latin America, according to its website.
Kroenke is a billionaire and businessman who has been investing in real estate in and around Los Angeles. In the past few years, Kroenke has made a number of investments in the region.
In December, for instance, Kroenke paid $325 million, or $541 per square foot, for The Village, a 600,000 square foot outdoor shopping mall that was previously owned by Unibail-Rodamco-Westfield.
