Maxxam Enterprises Gets $85M Loan for Los Angeles Retail Center

Janss Marketplace

Maxxam Enterprises has obtained a $84.7 million loan for the refinancing of Janss Marketplace, a 456,390-square-foot, grocery-anchored retail center in Thousand Oaks, Calif. Working on behalf of the borrower, JLL arranged the financing from TerraCotta Credit Fund LP.

Built in phases between 1959 and 1999 as the city’s first shopping mall, Janss Marketplace underwent renovations in 2007 and 2020. Aldi anchors the 90 percent-occupied property that also has ULTA, Petco, Old Navy, Five Below and Golds Gym, among others, on its roster.

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Located at 165-401 N. Moorpark Road, the asset is just north of Freeway 101, in a dense retail area that also includes Village at Moorpark and Village Court Shopping Center. Janss Marketplace has some 4 million visitors every year.

JLL Senior Director Matt Stewart, Director Alethia Halamandaris and Analyst Chris Jaffe represented Maxxam in the deal.

The comeback of retail

According to a U.S. Census Bureau report on retail and food services, retail trade was up 6.5 percent year-over-year as of November. Spending in grocery stores increased by 0.8 percent, despite rates slightly lagging October figures.

As investments in grocery-anchored retail become more popular, new transactions close across the nation. Earlier this month, EDENS acquired three Los Angeles County shopping centers for nearly $137 million.

And, in October, First National Realty Partners bought two such assets, totaling 445,000 square feet, in Northern Virginia and metro St. Louis. Both properties were more than 90 percent leased at the time of sale.