Troubled Santa Monica Place Gets New Management
A struggling mall in Santa Monica is getting some new direction.
Prism Places is now the property manager of Santa Monica Place, the 527K SF retail center that Macerich previously owned. Macerich defaulted on a $300M loan on the property last year. Trigild, the court-appointed receiver that assumed control of the mall last month, brought Prism Places on board, according to a release.
In November 2024, the mall's value was placed at $255M, a steep drop from the 2017 valuation of $622M.
“While challenges have led to vacancy at both Santa Monica Place and its neighboring retail district, 3rd Street Promenade, the City and State have made crucial policy changes that will allow for Santa Monica’s recovery," Prism Places CEO Stenn Parton said in a statement.
The city is still rebounding from the effects of the Palisades fire, which did not burn homes in the area but got incredibly close and affects the day-to-day life of locals and those who come in for work, school and recreation.
"This resilient community deserves incredible places to gather, so we look forward to bringing great brands and restaurants back," Parton added.
A representative for Prism Places said it is too early to discuss details of how more retailers will be enticed back to Santa Monica Place, but the mall has secured a few high-profile new tenants, including the popular Taiwanese dumpling chain Din Tai Fung, which just opened a rooftop location at the mall.
