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September 23, 2023
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RETAIL NEWS
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NewMark Merrill Companies Acquires 84k sf San Fernando Valley Retail Center

4/12/23

NewMark Merrill Companies Inc has acquired Corbin & Parthenia shopping center, an 83.7k sf community retail center located at 19555-19641 Parthenia St in the western San Fernando Valley community of Northridge. This is the eighth shopping center NewMark Merrill owns and/or manages in the San Fernando Valley and adjoining Conejo Valley in the Los Angeles area.

Corbin & Parthenia is ideally located in the densely populated San Fernando Valley in one of the busiest retail hubs and within close proximity to the CA-101, CA-118, and I-405 freeways. It is also situated two miles from California State University, Northridge. Corbin & Parthenia features several community-driven tenants including Office Depot, Brentís Deli, Finmark Floor Coverings, Mr. Stuff Warehouse, Northridge Beauty Bar, Flying Kick Martial Artists, and Yaheli Skin Care Products.

NewMark Merrill plans to improve the asset with investments in deferred maintenance, upgrading various parts of the property including the signage, as well as improving the customer experience. In addition, the company will continue its commitment to the local community through direct outreach, promoting the centerís businesses and operators, and putting together events that cater to the neighborhood.

"Despite the evolving economy, NewMark Merrill believes that retail, and specifically Corbin & Parthenia, is integral to the community, a community our company has resided in and served for almost 40 years," said Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies. "We identified this community center approximately two years ago, saw its potential and have been working to acquire it ever since. Through the financial challenges, we were able to identify, secure financing, and arrange the closing on a property that we believe is a key center in the area."

NewMark Merrill was represented in-house by Jim Patton and Greg Giacopuzzi as well as Greg Offsay and Carol Marmor of Illi Commercial.





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