Placentia, Calif. (October 31, 2017) – NewMark Merrill Companies, a Woodland Hills, CA based retail shopping center development company, announced today that it has acquired Placentia Town Center, a 116,832-square-foot shopping center located at 110-198 East Yorba Linda Boulevard in Placentia, California.. NewMark Merrill currently owns or manages a portfolio of over 78 shopping centers in California, Colorado and Illinois.
“NewMark Merrill is strategically looking to grow by adding centers, either through acquisitions or third-party management, that complement its existing portfolio and where there is an opportunity to use our expertise to add value,” said Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies. “Placentia Town Center provided us an opportunity to acquire a well-located center in a dense and affluent neighborhood, with excellent well performing tenants, at below market rents.”
NewMark Merrill was represented in-house by Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison with support by Alex Kozakov of CBRE. Newmark Knight Frank’s Capital Markets retail division Executive Managing Director Pete Bethea, and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller, RPAI.
“Placentia Town Center is within a very densely populated north Orange County area and has demonstrated strong historical tenancy and sales,” said Bethea. “The buyer has not only secured a cash-flowing asset in an infill location, but the opportunity to embark on a variety of potential value enhancement plays in the future.”
Developed in 1973 and renovated in 2000, Placentia Town Center is anchored by Marshall’s, Ross Dress for Less and CVS. It is 96 percent leased to several national and local retailers and restaurants including Bank of America, Massage Envy, Baskin Robbins, The Whole Enchilada, Avalon Bagels and Burgers, Philly’s Best and Craftsman Pizza.
About NewMark Merrill Companies
NewMark Merrill Companies, Inc. owns or manages a portfolio of over 78 shopping centers. Since 1984 President and Chief Executive Officer Sandy Sigal has led NewMark Merrill in a community leadership role at the company’s shopping centers in more than 75 cities throughout California, Colorado and Illinois. For more information, visit www.newmarkmerrill.com. For more information on NewMark Merrill Companies, contact Heather Danko, CMD at [email protected] or at 818.710.6100.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. NKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.