NewMark Merrill Buys 172 KSF Retail Center in LA

NewMark Merrill will now manage a combined 630,000 square feet of retail. Image courtesy of NewMark Merrill Cos.

NewMark Merrill Cos. has purchased The Collection at Janss Marketplace—a 172,008-square-foot retail center in Thousand Oaks, Calif.—from Seritage Retail Group. CBRE’s Phil Voorhees and Jimmy Slusher brokered the transaction on behalf of the seller. Gortikov Financial’s Bryan Gortikov secured an acquisition loan from Prime Finance.

Completed in two phases, in 1980 and 2014, the property was initially a multi-story Sears department store. At the time of the sale, The Collection at Janss Marketplace was 60 percent leased to retailers such as Dave & Buster’s, DSW and Nordstrom Rack.

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A regional shopping destination

Located on the Northwest corner of Moorpark Road and Hillcrest Drive, the retail center is right off Route 101. The shopping center serves roughly 75,175 people within a 3-mile radius, with the average household income of $131,674. The daily traffic count is approximately 58,000 vehicles.

The property is adjacent to the Janss Marketplace shopping center, a 458,000-square-foot neighborhood shopping center which NewMark Merrill managed and leased for more than 20 years. The company will now be responsible for the oversight of the combined 630,000-square-foot regional center. The two shopping centers share parking and access points, as well as a newly remodeled Regal Cinema’s and Gold’s Gym.

Maxxam Enterprises purchased Janss Marketplace in 2003 for $51 million, according to CommercialEdge data. The property comprises 10 buildings spread on a 24-acre site. The tenant roster includes local, regional and national retailers such as Regal Theaters, Old Navy, Aldi, Five Below, Sky Zone, and Buca di Beppo.

NewMark Merrill Cos. President & CEO Sandy Sigal hopes that the proposed development of a 216-key hotel at Janss, the retail destination will attract more visitors in the future.