One of the owners says residents should not expect many changes to the mall. He says most of the businesses have long-term leases.
By Jonathan Friedman / Assistant Editor
After being in escrow since June, the Cross Creek Plaza has new owners as of last week. A company called Retail Holdings Group officially purchased the shopping center from Steve Soboroff, who had owned the plaza since 1988. The purchase price was not disclosed.
The principals of Retail Holdings Group are Pouya Abdi and Michael Shabani. Abdi said in an interview this week that the company does not own any other properties. He said he and Shabani have partnered together on other purchases, but declined to say what they were. Abdi, a Los Angeles resident, said he does not own any other properties in Malibu.
“We like that it is a neighborhood shopping plaza,” said Abdi regarding the reason for buying the commercial site. “It’s a long-term investment… and it’s a good asset.”
Cross Creek Plaza includes the Malibu Cinemas Hollywood Theaters, Wells Fargo Bank, several restaurants including Guido’s, Casa Escobar and Marmalade, Diesel, A Bookstore and various other shops and service places. Abdi said most of the businesses in the mall have long-term leases, which is something he said he liked about the property. He said there are no immediate plans for rental increases, and that people should not expect many changes at all.
“We might upgrade some of the driveways and landscaping,” said Abdi, who added this is not something that will be happening anytime soon.
In addition to Retail Holdings Group, there are some minor investors in the purchase. The only one Abdi would reveal is Jay Luchs, a senior vice president of Investment Properties and Brokerage Services at the Los Angeles-based real estate corporation CB Richard Ellis. Luchs is also working for Weintraub Financial, headed by Richard Weintraub, on the subleasing at the Malibu Lumber property, which is soon to be under construction.
“Over time it will be a great hold,” Luchs said this week about Cross Creek Plaza. “It’s a long-term investment. It’s something to hold onto for a long time. It’s a great asset in a great location.”
Soboroff, who is vacationing with his wife in Africa, sent an e-mail to city officials and local media on Saturday to announce the closing of the escrow on his former property. In the e-mail he named Malibu Country Mart owner Michael Koss as one of the investors. Koss told an employee of The Malibu Times on Monday he is not affiliated with the purchase. Abdi also said Koss is not an investor, and that there never was an instance when he might have been affiliated with his company’s transaction, although he said he had no idea what discussions might have occurred previously between Koss and Soboroff. Koss did not immediately return a call from The Malibu Times news department on Tuesday for comment. The vacationing Soboroff could not be reached.
Soboroff bought Cross Creek Plaza from Harrison Ford and Tom Selleck in 1988. The Pacific Palisades resident and former city of Los Angeles mayoral candidate told The Malibu Times in June that he had at least one offer on the property each week for the past three or four years. He said when the offer he accepted came, he had to think about his young family.
“I had to take advantage of something that is very important to them,” Soboroff said. “I’m not as wealthy as all these guys say I am.”
He also said he would miss the mall. “You’re not supposed to get emotionally attached to real estate. But I did.”