Stan Kroenke Buys Another LA Mall at a Big Discount
By Greg Cornfield June 5, 2023 2:20 pm
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Billionaire Stan Kroenke is shopping for discount shopping malls in Los Angeles.
The owner of the NFL’s Los Angeles Rams paid $81.5 million for the 50,700-square-foot Malibu Village Shopping Center, which is about 32 percent less than the seller, Jamestown, paid to acquire it nine years ago. Jamestown bought the property for $120 million in May 2014, records show.
CoStar News first reported the sale at an undisclosed price, while The Real Deal reported the value of the deal.
The shopping mall at 3836 Cross Creek Road in Malibu, Calif., features retailers Fred Segal, Sephora and Lululemon among other tenants.
Kroenke also owns the shopping center Malibu Colony Plaza, per CoStar, and he’s been expanding his footprint in the region since opening SoFi Stadium at Hollywood Park in Inglewood. Kroenke’s company paid $325 million for The Village mall in the San Fernando Valley in December, after acquiring a mall and an office building in Woodland Hills in 2022.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
