PALMDALE – Bridge Group Investments and Steerpoint Capital acquired the Antelope Valley Mall for $60 million, the firms announced Thursday.
The firms plan to re-tenant the mall’s vacant Mervyn’s big-box store and add new amenities, including elevated dining options, entertainment offerings, and a reimagined food court.
The Antelope Valley Mall is the second property acquired by Bridge Group Investments and affiliates with support by Steerpoint Capital. In April, the firms acquired The Shops at Montebello.
“Having grown our family business from a single brick and mortar store to over 170 retail locations across the country, we know what works and have confidence in Steerpoint Capital’s investment strategy,” said George Mersho, Managing Principal of Bridge Investment Group. “This is a unique time in the lifecycle of commercial real estate, particularly retail, and with the right approach, there is an opportunity to transform obsolete properties while generating strong financial returns.”
Steerpoint Capital is a Black-owned investment management firm led by Managing Partner Bo Okoroji, who previously served as the Head of U.S. Investments at Unibail-Rodamco-Westfield (URW) and held various senior roles at Simon Property Group. Over the course of his career, Okoroji has participated in over $11 billion in commercial real estate transactions.
“This property has tremendous potential. Its location, retail tenants, and reputation in the market have positioned it well for growth. With the right vision, the Antelope Valley Mall can continue to dominate in the retail arena and beyond in this market space,” said Managing Partner Bo Okoroji.
Okoroji added, “Bridge Group Investments brings decades of retail expertise and a proven track record of generating significant returns within the space. Its partnership will be invaluable to elevating the Antelope Valley Mall.”