$9M Acquisition Loan on a Calabasas Shopping Center Repositioning

The name change says what the deal is. For decades the neighborhood center at Agoura Road and Las Virgenes Road was Malibu Canyon Plaza; under its new owner it is being marketed as The Plaza at Calabasas, with leasing materials describing new ownership and a planned major exterior renovation. County records show the sale recorded May 22, 2026 at $12,725,000 and a $9,000,000 Bank of America acquisition deed of trust executed and recorded May 29 for buyer Plaza At Calabasas LLC. Trade coverage of the deal reports the center was 64 percent occupied at sale, a figure reported as published.

The property is a 1989 built center of 42,596 square feet per county records, two buildings on 2.53 acres with frontage on both Agoura Road and Las Virgenes Road. The tenant roster is daily needs retail: Subway, Domino's Pizza, and The UPS Store among operating tenants, with a closed restaurant space among the vacancies the new owner is marketing. Available space is quoted at $2.50 to $3.50 per square foot per month in current leasing materials.

The debt history maps the center's institutional past: an AMRESCO instrument of $5,000,000 on a ten year term in 1998, Banco Popular and National Bank of California in 2008, Union Bank at $4,150,000 in 2014 and $3,900,000 in 2019, and a $50,000,000 Bank of America leasehold deed of trust in 2020 that crossed this property among others. The 2026 loan brings Bank of America back, this time on a single asset basis.

Bank of America has five closings tracked on LoanList, four of them in Los Angeles, across retail, office, and mixed use. Within the tracked Los Angeles record this loan ranks 38th of 58, in a tight band of spring retail closings: $8,550,000 from East West Bank in Hacienda Heights, $8,500,000 from Citizens Business Bank in Marina del Rey, and $8,500,000 from Live Oak Bank in Long Beach.

For retail buyers, the underwriting fact is the notable one: a center at 64 percent occupancy drew a money center bank acquisition loan at closing, sized against the upside rather than the trailing rent roll. Well located suburban strip retail with vacancy is being financed as a repositioning story, and the recorded amounts here show what that looks like in practice.