One of Malibu's Prime Shopping Plaza's Sold to New Owner

Cross Creek Shopping Plaza in Malibu has been sold to a new owner - the property has been in escrow since June of this year.

The new owner Retail Holdings Group has said that there will be no major changes and that they liked the property as a great neighborhood shopping plaza. They said they are planning to have the property for the long term. They say they plan to upgrade some of the driveways and landscaping over time.

The plaza has many larger stores as well as some restaurants and is in a prime location in the city - Whilst many who have stores there worry about a possible rise in rent, the new owner has emphasized that there will be no immediate changes.

The Cross Creek Plaza was purchased by the previous owner from Harrison Ford and Tom Selleck.

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