Pacific Retail Capital Partners, Lyon Living and Silverpeak Announce Acquisition and Redevelopment of Lakewood Center
Pacific Retail Capital Partners (PRCP), Lyon Living and Silverpeak have announced the acquisition of the two-million-square-foot Lakewood Center. This joint venture unites three industry leaders in retail, residential and investment expertise to reposition the iconic property into an innovative, mixed-use community hub.
Located in the heart of Lakewood – a diverse, family-oriented community – the center will be reimagined through the development of a comprehensive master plan, transforming the property into a walkable destination that blends legacy retail with new residential, wellness, entertainment and green spaces.
'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 Pacific Retail Capital Partners. '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. Its legacy is woven into the daily lives of generations of families, workers and entrepreneurs. As we look ahead, our vision is to honor that heritage while transforming 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.'
The partners will be commencing the master planning process and will prioritize collaboration with local stakeholders and city officials to ensure the project reflects community values and aspirations.
Known for its expertise in creating vibrant living environments, Lyon Living will lead the integration of modern residential and lifestyle components into the redevelopment.
'We're excited to join PRCP and Silverpeak in delivering a destination that will thrive in Lakewood for generations to come,' said Frank T. Suryan Jr., chairman & CEO of Lyon Living.
Silverpeak, a leading real estate investment firm, will provide strategic vision and capital to ensure the project's long-term success.
At nearly 150 acres, Lakewood Center is the second-largest, single-level enclosed mall in Los Angeles County. It draws over 22 million annual visitors, ranking third in California and sixth nationwide for traffic. Anchored by retailers including Costco, Target, Macy's and Best Buy, the center serves as the region's leading sales tax generator and a major local employer.
'The Lakewood Center has been at the heart of our community since before the city's incorporation in 1954, and the City and the Center have both evolved and weathered the many twists and turns of time together,' read a statement from the city of Lakewood. 'As we work with the new owners on a master planning process for the Center, this is undeniably an exciting new chapter in Lakewood history. We have great confidence the partners will re-establish Lakewood Center as a cornerstone of retail, dining and community connections and look forward to fresh ideas and amenities that will serve residents and visitors for generations to come.'
The redevelopment will introduce elevated retail and dining, integrated residential living, wellness amenities, dynamic green spaces and unique entertainment – all thoughtfully woven into a pedestrian-friendly environment.
Further details on the Lakewood Center master plan, including timeline and design features, will be shared as development progresses.
Information sourced from Businesswire. To learn more, contact prcp@icrinc.com.
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