A Black-owned investment firm is helping revive shopping mall culture with a major business move.
Steerpoint Capital, alongside Bridge Group Investments closed on an acquisition of the Northridge Mall in Salinas, California via a news release announcement.
Founded by Bo Okoroji, Steerpoint is a leading real estate is commercial real estate investment and advisory firm focused on executing value-add. Okoroji previously served as the Head of U.S. Investments at Unibail-Rodamco-Westfield (URW) and has participated in more than $11 billion worth of commercial real estate transactions.
“The Northridge Mall has significant potential, thanks to its location in the vibrant community of Salinas, combined with its top-notch retail, dining, and entertainment offerings,” said Okoroji in a news release. “We believe it has the potential to become a dominant asset in the regional retail arena and the broader marketplace. Bridge Group Investments brings decades of retail expertise and a proven track record of generating significant returns within the retail space. Its partnership will be invaluable to elevating the Northridge Mall.”
The 64 acre shopping complex offers more than 600,000 square feet of retail space situated by stores like Macy’s, JC Penneys, Round1, Planet Fitness, Hobby Lobby, Old Navy, H&M, Best Buy, and more. The property also provides a food court and elevated dining opportunities.
The acquisition comes at a time when in-person retail centers are slowly recovering from the damaging effects of COVID-19. Suburban retail traffic has nearly returned to 2019 levels. Data found that Mall foot traffic was down 6.5% at indoor malls in September 2021 as compared to only down 5.2% at outdoor malls. That’s a less steep decline than six months prior, when indoor mall foot traffic was down 21% and outdoor was down 8.4%.
“After growing our family business from one brick-and-mortar store to more than 170 locations across the country, we know what it takes to drive success in retail—and have full confidence in Steerpoint Capital’s strategy,” said George Mersho, managing partner of Bridge Group Investments. “Expectations for retail spaces are rapidly changing, and with the right approach, we believe there is an opportunity to revitalize existing properties like the Northridge Mall and create future returns.”