172,000 SF: Retail Center Trades Hands

Calabasas-based NewMark Merrill Cos. Inc. has acquired a 172,000-square-foot retail shopping center in Thousand Oaks.

NewMark Merrill purchased the asset, which it renamed The Collection at Janss Marketplace, from Seritage Retail Group. It is adjacent to Janss Marketplace, a 458,000-square-foot shopping center that Newmark Merrill also owns.

The company is now responsible for the oversight of the combined 630,000-square-foot regional center. The price of the deal was not disclosed.

“We have been involved in the Thousand Oaks community for over 20 years, since our initial acquisition of Janss Marketplace,” Sandy Sigal, president and chief executive of NewMark Merrill, said in a statement.

“Rarely do you get the opportunity to be involved with a project adjoining not one, but two regional shopping centers and surrounded by both a substantial day and nighttime population,” Sigal said. 

The Collection was originally built as a Sears department store, which was later converted into a multiple-tenant retail building. At the time of NewMark’s purchase, the shopping center was 60% leased to tenants including Dave & Buster’s, DSW and Nordstrom Rack. The property shares parking and access points with the adjoining property, including a newly remodeled Regal Cinema theater and Gold’s Gym.

“This acquisition is a very exciting addition to our efforts in Thousand Oaks,” Sigal said. “With the proposed development of a 216-room hotel at Janss, and the proposed designation of the entire Janss Marketplace site to allow mixed-use development, we believe The Collection at Janss will be a dynamic destination for the community.”

Read the original article here: https://www.sfvbj.com/real-estate/172000-sf-retail-center-trades-hands/