Pacific Retail Capital Partners (PRCP), Lyon Living and Silverpeak have confirmed the acquisition of the two-million-square-foot Lakewood Center, with plans to transform the landmark property into a next-generation mixed-use destination.

The joint venture brings together three firms with expertise spanning retail, residential and investment. Together, they aim to reposition the Southern California property into a walkable hub blending retail with residential, entertainment, wellness facilities and green spaces.

Located in the heart of Lakewood, the 150-acre site is a cornerstone of the community and among the most highly trafficked shopping destinations in the United States. Drawing more than 22 million visitors annually, it ranks third in California and sixth nationwide for footfall. The centre is also home to major retailers such as Costco, Target, Macy’s and Best Buy, and serves as a significant local employer and leading source of regional sales tax revenue.

“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 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 honour 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 redevelopment will be shaped through a master planning process, with a commitment to working alongside local stakeholders and city officials to ensure community aspirations are central to the project.

Lyon Living, recognised for its expertise in creating modern residential and lifestyle-focused environments, will lead the integration of new housing and amenities.

“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 global real estate investment firm, will contribute both strategic direction and capital to underpin the project’s long-term viability.

The City of Lakewood also welcomed the redevelopment plans, highlighting the importance of the centre to the community since before the city’s incorporation in 1954.

“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,” the city’s statement read. “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.”

The redevelopment is expected to deliver an upgraded mix of retail and dining, integrated residential living, wellness spaces, landscaped areas and entertainment offerings, all within a pedestrian-friendly design.

Further details on design elements and timelines will be shared as the planning process progresses.