Venture to Transform Southern California Property into a Vibrant Mixed-Use Destination

Pacific Retail Capital Partners (“PRCP”), Lyon Living, and Silverpeak today announced the acquisition of the 2 million-square-foot Lakewood Center in Southern California. This joint venture unites three industry leaders in retail, residential, and investment expertise to reposition the iconic property into an innovative, mixed-use community hub.

Located in the heart of Lakewood — a diverse, family-oriented community — the center will be reimagined 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.

A Collaboration of Industry Leaders

“Lakewood Center is more than a shopping destination — it’s a landmark of postwar American development, a cornerstone of the Lakewood community, and a symbol of how retail can evolve alongside the people it serves,” said Steve Plenge, Chief Executive Officer of Pacific Retail Capital Partners. “Since opening in 1950, the property has adapted to the cultural, economic, and demographic shifts of Southeast Los Angeles, emerging as one of the most highly trafficked malls in the country and consistently generating over $1 billion in annual sales. Its legacy is woven into the daily lives of generations of families, workers, and entrepreneurs. 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.”

The partners look forward to commencing the master planning process and will prioritize collaboration with local stakeholders, and city officials, to ensure the project reflects community values and aspirations.

Known for its expertise in creating vibrant living environments, Lyon Living will lead the integration of modern residential and lifestyle components into the redevelopment. “We’re excited to join PRCP and Silverpeak in delivering a destination that will thrive in Lakewood for generations to come,” said Frank T. Suryan JR, Chairman & CEO of Lyon Living.

Silverpeak, a leading real estate investment firm, will provide strategic vision and capital to ensure the project’s long-term success.

Legacy Meets Vision

At nearly 150 acres, Lakewood Center is the second-largest single-level enclosed mall in Los Angeles County. It draws over 22 million annual visitors, ranking third in California and sixth nationwide for traffic. Anchored by retailers including Costco, Target, Macy’s, and Best Buy, the center serves as the region’s leading sales tax generator and a major local employer.

Surrounded by more than 10 colleges and universities within a 15-mile radius and supported by world-class K–12 education, the Lakewood community is among Southern California’s most well-educated and family-centered.

“The Lakewood Center has been at the heart of our community since before the city’s incorporation in 1954 and the City and the Center have both evolved and weathered the many twists and turns of time together. As we work with the new owners on a master planning process for the Center, this is undeniably an exciting new chapter in Lakewood history. We have great confidence the partners will re-establish Lakewood Center as a cornerstone of retail, dining and community connections and look forward to fresh ideas and amenities that will serve residents and visitors for generations to come.” – City of Lakewood

The redevelopment will introduce elevated retail and dining, integrated residential living, wellness amenities, dynamic green spaces, and unique entertainment — all thoughtfully woven into a pedestrian-friendly environment.

Further details on the Lakewood Center master plan, including timeline and design features, will be shared as development progresses.

About the Partners

Pacific Retail Capital Partners (PRCP)

PRCP is a leading retail operating group with over $3 billion in assets under management across more than 20 million square feet. Headquartered in Southern California, PRCP specializes in transforming shopping centers into next-generation mixed-use destinations, offering end-to-end expertise from acquisition to development and management.

Lyon Living

Lyon Living is a leading real estate, investment, and property management company headquartered in Newport Beach, California. The company has an extensive portfolio including multi-family & mixed- use developments, hotels, resorts, retail, corporate housing, custom homes, and golf course developments. With close to $5 billion in assets, Lyon Living has properties in Colorado, Florida, Nevada, Idaho, and throughout California. The company’s progression is fueled by its willingness to take risk, and its ever-growing portfolio is a result of the brand’s strategic and innovative approach.

About Silverpeak

Silverpeak Real Estate Partners (“Silverpeak”) is a US-focused real estate investment firm specializing in the acquisition and management of real estate investments across various funds, joint ventures, and separate accounts. Since inception in 2010, Silverpeak and its investment partners have acquired approximately 300 investments totaling more than $22 billion in gross asset value across property types and U.S. geographies. Investments include direct property, platforms and real estate companies, as well as development opportunities alongside experienced partners.

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