Los Angeles, December 8, 2022 /PRNewswire/ — Today, Bridge Group Investments, founded by the Mersho family in 2004, and Steerpoint Capital announced the completion of their acquisition of the Antelope Valley Mall. palmdale, california at the purchase price of $60 million.
Located near the area’s biggest employers, the mall is backed by Dillard’s, Macy’s and JCPenney. The companies plan to re-tenant the mall’s vacant Mervyn megastore and enhance the facility by adding new amenities such as fine dining options, experiential entertainment offerings and a reimagined food court. .
Antelope Valley Mall is the second property acquired by Bridge Group Investments and affiliates with the backing of Steerpoint Capital. In April, the two companies acquired The Shops. Montebellosuper-regional shopping center Montebello, California The acquisition is part of Steerpoint Capital’s strategy to build a high-yield retail portfolio that delivers significant risk-adjusted returns.
“Having grown our family-owned business from one brick-and-mortar store to more than 170 retail stores nationwide, we know what works,” said George Marcio, managing principal of Bridge Investment Group. “This is a unique time in the lifecycle of commercial real estate, especially retail, and with the right approach, we can generate strong financial returns. But there is an opportunity to transform outdated real estate.”
Steerpoint Capital is a Black-owned investment management firm led by Managing Partner Bo Okoroji, formerly Head of U.S. Investments at Unibail-Rodamco-Westfield (URW) and holding various senior positions at Simon Property Group.Over the course of his career, Okoroji has participated in more than $11 billion in commercial real estate transactions. He currently serves on the Advisory Board of He CREUnited, an alliance convened by Walker & Dunlop focused on increasing assets under management by minorities.
The company’s current strategy focuses on adaptive reuse conversions and retail repositioning opportunities. By focusing on conversion arbitrage in the hotel, office and retail industries, Steerpoint seeks to capitalize on the disruption caused by the pandemic while limiting rising construction costs.
“This property has tremendous potential. Its location, retail tenants and reputation in the market place it well-positioned for growth. We can continue to dominate the retail space and beyond,” said Managing Partner Bo Okoroji.
“Bridge Group Investments brings decades of retail expertise and a proven track record of generating significant returns in the sector. It is invaluable to us,” he added.
About Bridge Group Investments
Bridge Group Investment is the family office of the Mersho family led by George Mersho and Ralph Mersho. Since his founding in 2004, Bridge Group Investment has $400 million In retail, industrial and multifamily real estate, we have promoted $1.2 billion in a transaction. The Mersho family opened his Shoe Palace in 1993 and through hard work and ingenuity has grown the business from his one brick-and-mortar store to over 170 chains throughout the southwest.
About Steerpoint Capital (SPC)
Steerpoint Capital is a commercial real estate investment management and advisory firm focused on adding value and executing opportunistic real estate strategies. With capital commitments from a diverse pool of partners, ranging from family offices to domestic and international investment funds, his SPC’s current strategy is to transform adaptive reuse and reposition retail in high-demand markets. We are focused on executing on the opportunity of Southern California and Sunbelt provinces. For more information, visit Steerpointcapital.com.
About Antelope Valley Mall
The Antelope Valley Mall is a shopping center surrounded by palmdale, californianorthern high desert regions Los Angeles CountyDillard’s, Macy’s, JCPenney, Dick’s Sporting Goods, Tillys, Old Navy, H&M, Victoria’s Secret, Red Robin, Oishi Japanese Sushi Bar and Grill, Claim Jumper, Blaze’s Pizza, Cinnabon, and a 16-screen stadium-style cinematic theater. The well-equipped center has over 120 shops, eateries and entertainment venues. The million-square-foot Antelope Valley Mall is just a short drive from some of the region’s largest employers, including his five aerospace/airline companies with over 50,000 employees. For more information, please visit the Center’s website (https://www.av-mall.com).
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Source Steerpoint Capital