Calabasas, CA. (April 6, 2023) – NewMark Merrill Companies, Inc., a Calabasas, California-based retail shopping center owner and development company, announced the acquisition of Corbin & Parthenia shopping center, an 83,668-square-foot community retail center located in the San Fernando Valley city of Northridge, California. This is the eighth shopping center NewMark Merrill owns and/or manages in the San Fernando Valley and adjoining Conejo Valley in Los Angeles.
NewMark Merrill will work to enhance the asset with investments in deferred maintenance, upgrading various areas of the property including improvements to signage, as well as improving the customer experience. In addition, the Company will continue its commitment to the local community through direct outreach, promoting the center’s businesses and operators, and putting together events that cater to the neighborhood.
“Despite the evolving economy, NewMark Merrill believes that retail and specifically Corbin & Parthenia is integral to the community, a community our company has resided in and served for almost 40 years,” said Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies. “We identified this community center approximately two years ago, saw its potential and have been working to acquire it ever since. Through the financial challenges, we were able to identify, secure financing, and arrange the closing on a property that we believe is a key center in the area.”
NewMark Merrill was represented in-house by Jim Patton and Greg Giacopuzzi as well as Greg Offsay and Carol Marmor of Illi Commercial.
Corbin & Parthenia is ideally located in the densely populated San Fernando Valley in one of the busiest retail hubs and within close proximity to the CA-101, CA-118, and I-405 freeways. It is also situated two miles from California State University, Northridge. Corbin & Parthenia features several community-driven tenants including Office Depot, Brent’s Deli, Finmark Floor Coverings, Mr. Stuff Warehouse, Northridge Beauty Bar, Flying Kick Martial Artists, and Yaheli Skin Care Products.
About NewMark Merrill Companies
NewMark Merrill Companies, Inc. owns and/or manages a portfolio of over 95 shopping centers valued at more than $2 billion. Since 1987, President and Chief Executive Officer Sandy Sigal has led the company of shopping centers representing over 2,000 tenants and 12 million square feet in California, Colorado, and Illinois. The Company has founded and invested heavily in BrightStreet Ventures, its technology company, which is working on leading edge solutions for landlords and tenants to succeed in today’s retail environment. For more information, please visit NewMarkMerrill.com.