Calabasas-based NewMark Merrill Cos. Inc. has acquired a 172,000-square-foot retail procuring heart in Thousand Oaks.
NewMark Merrill bought the asset, which it renamed The Assortment at Janss Market, from Seritage Retail Group. It’s adjoining to Janss Market, a 458,000-square-foot procuring heart that Newmark Merrill additionally owns.
The corporate is now accountable for the oversight of the mixed 630,000-square-foot regional heart. The worth of the deal was not disclosed.
“We’ve been concerned within the Thousand Oaks neighborhood for over 20 years, since our preliminary acquisition of Janss Market,” Sandy Sigal, president and chief govt of NewMark Merrill, stated in a press release.
“Not often do you get the chance to be concerned with a challenge adjoining not one, however two regional procuring facilities and surrounded by each a considerable day and nighttime inhabitants,” Sigal stated.
The Assortment was initially constructed as a Sears division retailer, which was later transformed right into a multiple-tenant retail constructing. On the time of NewMark’s buy, the procuring heart was 60% leased to tenants together with Dave & Buster’s, DSW and Nordstrom Rack. The property shares parking and entry factors with the adjoining property, together with a newly remodeled Regal Cinema theater and Gold’s Fitness center.
“This acquisition is a really thrilling addition to our efforts in Thousand Oaks,” Sigal stated. “With the proposed growth of a 216-room lodge at Janss, and the proposed designation of your entire Janss Market website to permit mixed-use growth, we imagine The Assortment at Janss shall be a dynamic vacation spot for the neighborhood.”
Originally posted 2024-01-01 08:01:57.