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A joint venture of Pacific Retail Capital Partners (PRCP), Lyon Living and Silverpeak has acquired the two-million-square-foot Lakewood Center in Lakewood for an undisclosed sum. The seller was Macerich. The new ownership plans to reposition the 75-year-old retail property into a mixed-use center through the development of a comprehensive master plan.

“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, CEO of PRCP. “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.