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Bridge Group Investments and Steerpoint Capital Announce Acquisition of Northridge Mall

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Press release content from PR Newswire. The AP news staff was not involved in its creation.
December 22, 2022 GMT
Steerpoint Capital Logo (PRNewsfoto/Steerpoint Capital)
Steerpoint Capital Logo (PRNewsfoto/Steerpoint Capital)

SALINAS, Calif., Dec. 21, 2022 /PRNewswire/ -- Today, Bridge Group Investments, founded by the Mersho Family in 2004, and Steerpoint Capital announced that they have closed on an acquisition of the Northridge Mall in Salinas, California.

Situated on 64 acres in suburban Monterey County, the Northridge Mall offers more than 600,000 square feet of retail space, anchored by Macy’s and JCPenney. It also includes a wide range of high-quality entertainment, fitness, and retail offerings, including Century Theaters, 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 Northridge Mall is the third property that Bridge Group Investments and affiliates have acquired in 2022 with support from Steerpoint Capital. The firms closed on The Shops at Montebello in Montebello in April and the Antelope Valley Mall in Palmdale in December. The Northridge Mall acquisition is part of Steerpoint Capital’s strategy to build a high-yield portfolio with significant, risk-adjusted returns.

“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.”

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 more than $11 billion worth of commercial real estate transactions. He currently serves as an advisory board member for CREUnited, an alliance convened by Walker & Dunlop focused on increasing assets under management by minorities.

“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. We believe it has the potential to become a dominant asset in the regional retail arena and the broader marketplace,” said Okoroji.

Okoroji added, “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.”

About Bridge Group Investments

Bridge Group Investment is the family office for the Mersho family, led by George Mersho and Ralph Mersho. Since its founding in 2004, Bridge Group Investment has invested more than $400 million in retail, industrial and multifamily real estate and has facilitated $1.2 billion in transactions. The Mersho family opened Shoe Palace in 1993, growing the business through hard work and ingenuity from a single brick-and-mortar location to a chain of more than 170 stores across the Southwest.

About Steerpoint Capital (SPC)

Steerpoint Capital is a commercial real estate investment management and advisory firm focused on executing value-add and opportunistic real estate strategies. Equipped with capital commitments from a diverse pool of partners, ranging from family offices and domestic and international investment funds, SPC’s current strategy focuses on executing adaptive reuse conversions and retail repositioning opportunities in high-demand markets within Southern California and Sunbelt States. For more information visit Steerpointcapital.com.

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SOURCE Steerpoint Capital