Steerpoint Capital and Bridge Group Investments recently announced the purchase of the Northridge Mall in Salinas, Calif. This represents the third property that the Bridge-Steerpoint partnership bought in 2022, following the acquisitions of The Shops at Montebello in Montebello and the Antelope Valley Mall in Palmdale.
Located on a 64-acre lot in suburban Monterey County, the Northridge Mall property incorporates more than 600,000 square feet of Salinas retail space. The mall is anchored by high-profile tenants Macy’s and JCPenney. Attractive amenities here include high-quality entertainment, fitness, and retail offerings, such as Century Theaters, Round1, Planet Fitness, Hobby Lobby, Old Navy, H&M, Best Buy and more. A food court and elevated dining opportunities are also available at the property.
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). Steerpoint approached the Northridge Mall acquisition as part of its strategy to build a high-yield portfolio with significant, risk-adjusted returns.
“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,” Okoroji said. “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.”
“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.”
Looking for retail space opportunities in the best locations? Select any of the markets linked below and check out the local listings!