Lakewood Center Sold, New Owners Plan Mixed-Use Makeover

August 19, 2025

LCCN Staff Report

A major ownership change is setting the stage for a sweeping reinvention of Lakewood Center. Pacific Retail Capital Partners, Newport Beach–based Lyon Living, and Silverpeak have acquired the 2-million-square-foot property and say they will craft a master plan to transition the postwar retail landmark into a walkable, mixed-use district with new housing, dining, wellness uses, entertain-ment, and green space alongside legacy retailers.

The deal ends Macerich’s long run at the mall, which it first picked up in the 1970s. A price was not disclosed, but Macerich CFO Daniel Swanstrom told analysts last week the company expects net proceeds of roughly $5 million above the mall’s outstanding debt of $305.8 million. The fixed-rate loan carries 8 percent interest and matures in June 2026. While Lakewood Center no longer fit Macerich’s turnaround plans—especially with the company focused on nearby Los Cerritos Center—the Lakewood property still throws off more than $1 billion in annual sales.

Built in 1950–53 at the intersection of Lakewood and Del Amo boulevards, the 150-acre complex is the second-largest single-level enclosed mall in Los Angeles County. It attracts an estimated 22 million visits a year, ranking among the most-trafficked centers in California and the nation. Anchors include Costco, Target, Macy’s, JCPenney and Best Buy, with a roster of national chains filling out the tenant mix. The center is also a significant sales-tax generator and employer for the city.

PRCP chief executive Steve Plenge framed the purchase as an opportunity to respect the mall’s roots while preparing it for the next generation of shoppers and residents. Lyon Living will steer the residential and lifestyle program—Frank T. Suryan Jr. said the goal is a place that “thrives for generations”—and Silverpeak will provide capital and investment strategy. The partners said they will begin with master planning and community outreach, working with City Hall and local stakeholders to align the redevelopment with neighborhood priorities. City officials called it a promising new chapter and signaled support for ideas that re-establish the center as a hub for shopping, dining, and community life.

Specifics are still to come. The owners described a vision of “elevated” retail and restaurants, integrated housing, wellness ameni-ties, unique entertainment, and generous open space tied together by pedestrian-friendly design. No construction timeline was provid-ed, and a full transformation is likely to unfold over several years. PRCP brings recent regional experience to the table, including Plaza West Covina and the Shops at Palm Desert.

For Lakewood, the shift reflects a broader trend in American retail: taking well-located, auto-era malls and layering in homes, parks, and experiences that keep the lights on seven days a week. With strong household demand in the area and more than a dozen colleges within a short drive, the center’s new owners are betting that legacy retail and modern mixed-use can coexist—and that the city’s original shopping anchor can remain a civic anchor, too.