In the heart of Palmdale, the Antelope Valley Mall is getting a facelift due to a new round of funding led by the Westwood-based Steerpoint Capital.
This transformative reinvestment is the first step in the company’s vision to create a new dining, retail and entertainment hotspot in the Antelope Valley – one that is dynamic, lively and experience-driven. To position the mall as a premier regional hub, the revamp includes the addition of a reimagined food court and a Round1 Bowling and Entertainment.
“This reinvestment marks an exciting new chapter for Palmdale,” said Mayor Pro Tem Laura Bettencourt.
The $5 million public investment has been approved by the Palmdale City Council in a unanimous vote supporting Steerpoint’s project. Additionally, the milestone-based city funding will ensure that the results coincide with community values and priorities.
“The Antelope Valley Mall has always been a cornerstone of our community, and with these enhancements it will once again serve as a vibrant gathering place for families, visitors and residents across the region,” Bettencourt said. “By partnering with Steerpoint Capital, we’re not only revitalizing the mall – we’re creating jobs, boosting our local economy and bringing fresh energy to our city.”
Round1 Bowling will occupy more than 75,000 square feet of retail space, serving as the main driver for foot traffic to the area. The city expects visitors to come from Palmdale and Lancaster, as well as surrounding areas like Santa Clarita and Mojave. The complementary redesigned food court will aim to provide elevated dining experiences for future and future guests.
Steerpoint Capital, a privately held real estate investment and advisory firm, is responsible for the acquisition, repositioning and long-term transformation of large-scale retail and mixed-use properties across the U.S.
Bo Okoroji, founder and chief executive of Steerpoint Capital, said the reinvestment highlights his firm’s focus on delivering a mix of entertainment, dining and retail offerings that will make the Antelope Valley Mall “a premier destination in the region.”
In a statement, he said, “from day one, we rolled up our sleeves alongside the city, listened to what the community wanted and structured a plan that elevates the customer experience, strengthens the tenant mix and creates long-term value for our partners and the community.” — Virginia Akujobi-Egere
Senior Housing Sale in Burbank
Burbank Senior Artists’ Colony sold for $31.5 million in a transaction completed by Northmarq’s Westlake Village investment sales team.
Located at 240 E. Verdugo Ave. in Burbank, the property serves as a senior living community, featuring a five-story, 141-unit space that welcomes residents ages 55 and older. Of those units, 44 are income-restricted and 97 of those units stand at market-rate rent levels.
Built in 2005, the Burbank Senior Artists’ Colony has received international press and awards, as the building provides independent living for seniors in a creative, art-inspired environment.
The one- and two-bedroom floorplans include a kitchen, in-unit washer and dryer, hardwood floors, highspeed internet access, air-conditioning and handrails. The community spaces and amenities also include 24-hour access to a business center, clubhouse, courtyard, media room and art studio.
Northmarq represented both the seller, Meta Housing Corp., and the buyer, a private investor based in L.A.
Jim Fisher, regional managing director at NorthMarq, emphasized the unique characteristics of this reimagined senior living location.
“Burbank Senior Artists’ Colony has been a pioneer in redefining active senior living,” he said in a statement. “This property, featuring a performance stage, art studio, and various creative spaces, honors Burbank’s rich ties to the art and film sectors. We extend our sincere gratitude to our seller, Meta Housing, and our buyer, who will continue to uphold the legacy of this distinctive community.” — Virginia Akujobi-Egere
Thousand Oaks Retail Center Sells
The Conejo Valley Plaza, a 127,000-sqaure-foot grocery anchored retail center in Thousand Oaks, recently traded for $45.5 million.
Newmark, a New York-based commercial real estate firm, represented the sellers – Conejo Valley Plaza 1 LLC and Conejo Valley Plaza 2 LLC – in offloading the asset to Gerrity Group, a real estate investment and operating company in Solana Beach.
Co-anchored by Ralphs and a Bank of America branch, Conejo Valley Plaza was 68% leased at the time of the sale. However, Glenn Rudy, a senior managing director at Newmark, noted a “value-add opportunity” from the JoAnn’s store that recently closed in the plaza. Other tenants include Marshalls, HomeGoods and CVS.
“Investor interest remains strong for open-air, grocery-anchored centers, which offer resilient cash flows and consistent foot traffic, especially in mature suburban markets like Thousand Oaks,” Newmark said in a press release. “These assets continue to draw capital even amid broader market dislocation, reflecting long-term confidence in the retail sector’s evolution.”
For Greater Los Angeles, second-quarter data from Colliers showed that strip centers had the second lowest vacancy rate among retail assets at 5.2%, followed by single tenant buildings at 5%. This compares to 9.9% vacancy in regional malls.
Within a 5-mile radius of the Conejo Valley Plaza, there are more than 140,000 residents with an average household income of about $135,000.
Rudy pointed to the plaza’s “stable rent roll” and “category-leading tenants” as markers of “an attractive investment opportunity in today’s market.” — Kennedy Zak
Next Health Opens in Woodland Hills
West Hollywood-based health and wellness storefront chain Next Health Management Group Inc. has opened a new location in a Woodland Hills shopping mall.
Next Health Management Group, which does business as Next Health, was founded in 2016 by surgeon Darshan Shah and entrepreneur Kevin Peake. Through a franchise business model, Next Health offers an array of what it terms proactive health and wellness services. This includes intravenous therapy, hormone optimization, peptide treatments, hyperbaric oxygen therapy and extensive functional medicine testing.
“Our goal is to empower individuals to take control of their health and extend the human healthspan through personalized, data-driven care,” Shah and Peake said in the opening announcement for the Woodland Hills facility.
With the opening, Next Health has grown to 24 locations nationwide – mostly in California – and two more internationally (Vancouver and Dubai). The new 3,100-square-foot facility has been open since August, and it’s located in the El Camino shopping mall at 23383 Mulholland Drive. While technically in Woodland Hills, the location is close enough to Calabasas that Next Health markets it as serving that city.
Shah and Peake say in the announcement that they chose the location. The facility is operated as a franchise location by two couples: Barry and Lori Turbow, along with Donnie and Megan Wilson. Lori, an occupational therapist, has had to navigate a chronic illness, something she says has inspired her to help others reclaim their health.
“After years of working in health care and overcoming personal challenges, we knew we wanted to create a space where people can take charge of their longevity, access breakthrough medical technologies, and experience proactive health in a whole new way,” Barry and Lori Turbow said in the opening announcement. — Howard Fine
Encino’s Largest Multifamily Sale in Three Years
Lyon Stahl, an El Segundo-based investment real estate firm, closed the largest multifamily sale in Encino in the past three years.
Terms of the deal were not disclosed. Built in 2017, the 49-unit mixed-use property, located at 16300 Ventura Blvd., is anchored by a J.P. Morgan financial center. The property sits in a prime spot along the Encino business and retail corridor, said David Saghian, first vice president at Lyon Stahl.
“It’s very rare that this type of sale happens,” said Saghian, adding that it was one of the largest multifamily deals in San Fernando Valley this year. — Monée Fields-White
