(Updated with additional information)

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 a reported $332 million including the assumption of debt. 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.

“As we look ahead, our vision is to honor 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.”

At nearly 150 acres, Lakewood Center is the second-largest single-level enclosed mall in Los Angeles County. It draws more than 22 million annual visitors, ranking third in California and sixth nationwide for traffic.