SoCal Mall to Get Major Makeover

Lakewood Center (Lakewood, Calif.), one of the first enclosed malls in the U.S. dating to 1950, is continuing to evolve. The shopping complex south of Los Angeles is slated to become a mixed-use community hub.

Making that announcement were three partners – Pacific Retail Capital Partners, Lyon Living and Silverpeak – who acquired the 2-million-square-foot center for an undisclosed price.

Those companies say their plan is to reimagine the center “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.”

At nearly 150 acres, the tract involved currently consists of a main building anchored by JCPenney, Macy’s and Target, with such tenants as an Albertsons grocery, Costco, Best Buy, Home Depot and a 16-screen Starlight Cinema on adjoining sites.

“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,” said Pacific Retail CEO Steve Plenge.

The partners said further details on the center’s master plan, including a timeline and design features, will be shared as development progresses.