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Tuesday, Feb 7, 2023

Janss Marketplace in Thousand Oaks Fills Big Box

In conjunction with NewMark Merrill Companies, Burlington Coat Factory announced plans to open an 85,000 square foot location in the space formerly occupied by Mervyn’s in Janss Marketplace in Thousand Oaks. The new store is slated to open in September 2010, being the first in Thousand Oaks and the 49th in California. When open, the Burlington Coat Factory location will employ approximately 75 sales and management associates. “When Mervyn’s left the center we were looking for an upgrade which would be an excellent complement to our existing retailers including Old Navy, Mann Theaters, Toys R Us and many other local and national merchants,” said Sandy Sigal, CEO and president of NewMark Merrill Companies. The lease agreement was signed on May 14. Macerich represented the landlord in the transaction. Mike Navarro of Navarro Retail represented the tenant. Investing in Retail Champion Real Estate Co. announced that it is seeking to purchase $500 million in shopping center assets located in the western U.S. by 2013, according to CoStar. The company also appointed Steve Boss to spearhead the new initiative. The decision represents a change in strategy for the investment firm, which has not purchased a retail property since 2006. “We are confident we are close to the bottom of the market and now is the best time to acquire real estate,” said Bob Champion, president of the firm. Boss was named managing director of retail investment and development and will oversee the company’s acquisition of existing shopping complexes with value-added opportunity, distressed assets and notes, and prime entitled retail center land. The firm will consider for-sale properties in top tier locations ranging from $10 million to $200 million. Most recently, Boss served as CEO and founder of Afton Property Investment Corp. He’s also held senior positions with Pan Pacific Retail Properties and Combined Properties. Thousand Oaks Land Deal In mid-May, Colliers International announced the sale of a 5.08-acre land parcel in Thousand Oaks to Belmont Village, L.P., a Houston-based developer and operator of independent and assisted living facilities. The transaction is valued at $3.25 million. Located west of the 23 Freeway, on the northeast corner of Moorpark Road and Olson Road, the property is entitled for a 139-room convalescent care facility. Belmont Village broke ground on the facility at the close of escrow. “This transaction required a collaborative effort from all parties involved including the buyer, the seller and the City of Thousand Oaks,” said Jesse Munoz, of Colliers’ downtown Los Angeles office, who represented the buyer in the transaction. “In what could have been a difficult process, especially given today’s challenging financial market, the city cut key development fees to aid the buyer and the seller was extremely cooperative with the buyer’s entitlement process, accomplishing a smooth transaction on all sides of the deal.” The seller, private investor Lucinda V. Smith Rev. Inter. Trust, was represented by Damian Vance Realty. Tricky REO Sale Fifty-one vacant apartment units located at 11927 – 33 Magnolia Blvd. in Valley Village sold to a private investor for $4.7 million in an all-cash transaction, according to Craig Stevens, Mike Smith and Jim Fisher, principals at Lee & Associates. The trio represented the buyer. “Although this was a challenging transaction it was not atypical of the types of issues buyers must deal with in today’s market,” said Stevens. “In this case, we had a foreclosed property with entitlements that are no longer feasible for building in today’s market.”

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