Bridge Group Investments, Steerpoint acquire Antelope Valley Mall in Palmdale, Calif., for $60m

Bridge Group Investments, founded by the Mersho family in 2004, and Steerpoint Capital have closed on an acquisition of the Antelope Valley Mall in Palmdale, Calif., at a purchase price of $60 million.

Located near some of the region’s largest employers, the enclosed shopping mall is anchored by Dillard’s, Macy’s, and JCPenney. The firms plan to find a new tenant for the mall’s vacant Mervyn’s big-box store and enhance the property by adding new amenities, including elevated- dining and experiential-entertainment offerings, and a reimagined food court.

The Antelope Valley Mall is the second property acquired by Bridge Group Investments and affiliates with support by Steerpoint Capital. In April, the firms acquired The Shops at Montebello, a super-regional shopping center in Montebello, Calif. The acquisitions are part of Steerpoint Capital’s strategy to build a high-yield retail portfolio with significant, risk-adjusted returns.

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