{"id":1004692796,"date":"2023-12-05T07:28:44","date_gmt":"2023-12-05T15:28:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004692796"},"modified":"2023-12-05T07:28:45","modified_gmt":"2023-12-05T15:28:45","slug":"newmark-merrill-buys-172-ksf-retail-center-in-la","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/newmark-merrill-buys-172-ksf-retail-center-in-la\/","title":{"rendered":"NewMark Merrill Buys 172 KSF Retail Center in LA"},"content":{"rendered":"<div id=\"attachment_1004692798\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/janss-collection-2023b-e1701771932467.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004692798\" data-attachment-id=\"1004692798\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/newmark-merrill-buys-172-ksf-retail-center-in-la\/janss-collection-2023b\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/janss-collection-2023b-e1701771932467.jpg\" data-orig-size=\"1650,1240\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1697710882&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"janss collection 2023b\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/janss-collection-2023b-e1701771932467.jpg?w=1024\" class=\"wp-image-1004692798 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/12\/janss-collection-2023b-e1701771932467.jpg?w=300\" alt=\"The Collection at Janss Marketplace is surrounded by both a substantial day and nighttime population. Image courtesy od NewMark Merrill Cos.\" width=\"300\" height=\"225\" \/><\/a><p id=\"caption-attachment-1004692798\" class=\"wp-caption-text\">NewMark Merrill will now manage a combined 630,000 square feet of retail. <em>Image courtesy of NewMark Merrill Cos.<\/em><\/p><\/div>\n<p><strong>NewMark Merrill Cos<\/strong>. has purchased The Collection at Janss Marketplace\u2014a 172,008-square-foot retail center in Thousand Oaks, Calif.\u2014from <strong>Seritage Retail Group<\/strong>. <strong>CBRE<\/strong>\u2019s Phil Voorhees and Jimmy Slusher brokered the transaction on behalf of the seller. <strong>Gortikov<\/strong> <strong>Financial<\/strong>\u2019s Bryan Gortikov <a href=\"https:\/\/www.commercialsearch.com\/news\/cpe-asks-when-will-be-a-good-time-to-invest-in-retail\/\">secured an acquisition loan<\/a> from <strong>Prime Finance<\/strong>.<\/p>\n<p>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 &amp; Buster\u2019s, DSW and Nordstrom Rack.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-leasings-space-race\/\">Retail Leasing\u2019s Space Race<\/a><\/p>\n<hr \/>\n<h2>A regional shopping destination<\/h2>\n<p>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.<\/p>\n<p>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.\u00a0The company will now be responsible for the oversight of the combined 630,000-square-foot\u00a0regional center.\u00a0The two shopping centers share parking and access points, as well as a newly remodeled Regal Cinema\u2019s and Gold\u2019s Gym.<\/p>\n<p><strong>Maxxam Enterprises<\/strong> 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.<\/p>\n<p>NewMark Merrill Cos. President &amp; 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seritage Retail Group sold the asset, with CBRE brokering on its behalf.<\/p>\n","protected":false},"author":3014,"featured_media":1004692798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21742,21749,15],"tags":[32789,34942,39251],"class_list":["post-1004692796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-latest","category-retail","category-west","tag-cbre","tag-newmark-merrill-companies","tag-prime-finance-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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