Two years ago, Sandy Sigal, head of a company that manages more than 12 million sq. ft. of new-age retail, found a 40-year-old neighborhood center in the San Fernando Valley that he thought should be doing much better. Now he has the chance to make that happen.
That company, NewMark Merrill, has purchased the 83,668-sq.-ft. Corbin & Parthenia shopping center in Northridge, Calif., with plans to make telling improvements in the customer experience it provides.
“We identified this center, saw its potential, and have been working to acquire it ever since,” Sigal said. “Through the financial challenges, we were able to secure financing and arrange the closing on a property that we believe is a key center in the area.”
In addition to upgrading the property, NewMark Merrill intends to implement a higher level of local promotion of tenants—including a series of events aimed at reachingout out to local neighborhood residents.
Corbin & Parthenia has proximity to the CA-101, CA-118, and I-405 freeways and is just two miles from California State University, Northridge. Current tenants include Office Depot, Brent’s Deli, Finmark Floor Coverings, and Mr. Stuff Warehouse.
NewmarkMerrill, which owns and/or manages more than 95 centers in California, Colorado, and Illinois, founded and continues to invest in BrightStreet Ventures, a technology company aimed at helping tenants and landlords thrive in a fast-changing retail environment.
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