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Thursday, Jun 20, 2024

Joint Venture Buys Antelope Valley Mall for $60 Million

Bridge Group Investments and Burbank-based Steerpoint Capital have acquired the Antelope Valley Mall in Palmdale for $60 million. 

Located at 1233 Rancho Vista Blvd., the enclosed shopping mall is anchored by Dillard’s, Macy’s, and JCPenney.  

The firms plan to find a new tenant for the mall’s vacant Mervyn’s big-box store and to enhance the property by adding new amenities, including elevated dining options, experiential entertainment offerings and a new food court. 

The Antelope Valley Mall is the second property acquired by Salt Lake City-based Bridge Group Investments and affiliates with support from Steerpoint Capital. In April, the firms acquired The Shops at Montebello, a regional shopping center in Montebello.  

The acquisitions are part of Steerpoint Capital’s strategy to build a high-yield retail portfolio with significant, risk-adjusted returns. 

“Having grown our family business (Shoe Palace) from a single brick and mortar store to over 170 retail locations across the country, we know what works and have confidence in Steerpoint Capital’s investment strategy,” George Mersho, managing principal of Bridge Investment Group, said in a statement. “This is a unique time in the lifecycle of commercial real estate, particularly retail, and with the right approach, there is an opportunity to transform obsolete properties while generating strong financial returns.” 

Added Steerpoint Capital Managing Partner Bo Okoroji, “This property has tremendous potential. Its location, retail tenants, and reputation in the market have positioned it well for growth. With the right vision, the Antelope Valley Mall can continue to dominate in the retail arena and beyond in this market space. Bridge Investment Group brings decades of retail expertise and a proven track record of generating significant returns within the space. Its partnership will be invaluable to elevating the Antelope Valley Mall.” 

Bridge Group Investment is the family office for the Mersho family, led by George Mersho and Ralph Mersho. Since its founding in 2004, Bridge Group Investment has invested more than $400 million in retail, industrial and multifamily real estate and has facilitated $1.2 billion in transactions. 

Steerpoint Capital is a Black-owned investment management firm led by Okoroji, who previously served as the head of U.S. Investments at Unibail-Rodamco-Westfield and held various senior roles at Simon Property Group. Over the course of his career, Okoroji has participated in more than $11 billion in commercial real estate transactions.  

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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