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Sunday, Jun 26, 2022

NewMark Merrill Buys Santa Maria Shopping Center

Woodland Hills-based retail landlord NewMark Merrill Cos. has acquired a shopping plaza in Santa Maria, the company announced Tuesday.

North Broadway Plaza, a 97,555-square-foot retail center located at the corner of North Broadway and East Grant Street in Santa Maria, is anchored by Food Maxx and CVS with Goodwill, Chase and Verizon as co-tenants.

Financial terms of the deal were not disclosed.

This property is the fourth shopping center acquired by NewMark Merrill since the COVID-19 pandemic began in March 2020, representing more than $120 million in investment. The acquisitions, according to a company statement, demonstrate the company’s faith in brick-and mortar-retail.

 

“NewMark Merrill is committed to the local community through direct outreach, promoting the center’s businesses and operators, and supporting the neighborhood and its residents who are and will be customers and employees of the merchants at North Broadway Plaza,” Chief Executive Sandy Sigal said in a statement. “We will continue to showcase North Broadway Plaza as an integral place to meet the needs of residents in the Central Valley and Santa Maria.”

 

Reza Investment Group represented NewMark Merrill and the seller in the acquisition. Currently NewMark Merrill owns and manages a portfolio of more than 90 shopping centers valued at more than $2 billion in California, Colorado and Illinois.

Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert is a Los Angeles-based reporter covering retail, hospitality and philanthropy for the San Fernando Valley Business Journal. In addition to her current beat, she is particularly interested in criminal justice topics, health and science stories and investigative journalism. She received her AA in Humanities from Moorpark College in 2016, her BA in Communication from Cal Lutheran University in 2019 and followed it up with a MA in Specialized Journalism from USC in the summer of 2020. Through her work, Katherine aspires to help strengthen the fragile trust between members of the media and the public.

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