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12/04/23
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NewMark Merrill Companies has acquired a 172k sf retail center located at 145 W. Hillcrest Drive in Thousand Oaks. The asset, renamed the Collection at Janss Marketplace, was sold by Seritage Retail Group.
The center is adjacent to the Janss Marketplace shopping center, a 458k sf neighborhood shopping center located on the Northwest corner of Moorpark Rd and Hillcrest Dr in Thousand Oaks, which the company has managed and leased for over 20 years. The company is now responsible for the oversight of the combined 630k sf regional center.
The Collection, originally built as a multi-story Sears department store, was just over 60% leased to Dave & Buster’s, DSW and Nordstrom Rack when acquired by NewMark Merrill. The property shares parking and access points with the adjoining property, which includes a newly remodeled Regal Cinema’s and Gold’s Gym. The Collection is also directly across the street from The Oaks Mall, a super-regional enclosed mall anchored by a full sized Nordstroms, Macy’s, JC Penny’s, Dicks Sporting Goods, AMC Theaters, and many other regional tenancies.
“With the proposed development of a 216-room hotel at Janss, and the proposed designation of the entire Janss Marketplace site to allow mixed-use development, we believe The Collection at Janss will be a dynamic destination for the community,” said Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies.
The acquisition was overseen by Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill. Seritage Retail Group was represented by Phil Voorhees and Jimmy Slusher from CBRE. Bryan Gortikov with Gortikov Financial secured financing for the deal with Prime Finance, the lender.
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