NewMark Merrill will now handle a mixed 630,000 sq. toes of retail. Picture courtesy of NewMark Merrill Cos.
NewMark Merrill Cos. has bought The Assortment at Janss Market—a 172,008-square-foot retail middle in Thousand Oaks, Calif.—from Seritage Retail Group. CBRE’s Phil Voorhees and Jimmy Slusher brokered the transaction on behalf of the vendor. Gortikov Monetary’s Bryan Gortikov secured an acquisition mortgage from Prime Finance.
Accomplished in two phases, in 1980 and 2014, the property was initially a multi-story Sears division retailer. On the time of the sale, The Assortment at Janss Market was 60 p.c leased to retailers akin to Dave & Buster’s, DSW and Nordstrom Rack.
READ ALSO: Retail Leasing’s Area Race
A regional procuring vacation spot
Situated on the Northwest nook of Moorpark Highway and Hillcrest Drive, the retail middle is true off Route 101. The procuring middle serves roughly 75,175 folks inside a 3-mile radius, with the typical family revenue of $131,674. The every day visitors depend is roughly 58,000 automobiles.
The property is adjoining to the Janss Market procuring middle, a 458,000-square-foot neighborhood procuring middle which NewMark Merrill managed and leased for greater than 20 years. The corporate will now be accountable for the oversight of the mixed 630,000-square-foot regional middle. The 2 procuring facilities share parking and entry factors, in addition to a newly reworked Regal Cinema’s and Gold’s Health club.
Maxxam Enterprises bought Janss Market in 2003 for $51 million, in line with CommercialEdge knowledge. The property includes 10 buildings unfold on a 24-acre website. The tenant roster consists of native, regional and nationwide retailers akin to Regal Theaters, Outdated Navy, Aldi, 5 Under, Sky Zone, and Buca di Beppo.
NewMark Merrill Cos. President & CEO Sandy Sigal hopes that the proposed growth of a 216-key resort at Janss, the retail vacation spot will appeal to extra guests sooner or later.
