NewMark Merrill Adds Property Management Assignments
Don't miss RealShare National Investment and Finance on June 24-25. Find out what's new in the capital stack, get the latest strategies in investing and the latest market intelligence.
WOODLAND HILLS, CA-NewMark Merrill Cos. has added seven new property management contracts, totaling 415,726 square feet to its more than 10 million square feet of retail space. The shopping center contracts include properties in Santa Monica, West Los Angeles, Culver City, Hacienda Heights, and Northridge, California.
Sandy Sigal, president and CEO of NewMark Merrill, tells GlobeSt.com that “Each property has been well managed from a physical plant perspective, but where we can add value is both assisting the performance of the existing tenants through marketing and management support, as well as complementing each property with additional tenants.” He points out that “The key strategy is maximizing the performance of the tenant mix and providing each centers customers with the best shopping environment possible.”
He also points out that NewMark Merrill’s overall occupancy exceeds 94% even in the toughest real estate market in decades. And while Sigal could not divulge the identity of the owners of the properties at this time, he tells GlobeSt.com that they are owned by “private trusts.” He also tells GlobeSt.com understanding the tenant performance and the role of each center in the local community is one of the keys in making the retail centers successful.
The centers include:
- 12416 Santa Monica Blvd. is located at 12416-30 Santa Monica Blvd. and 1410 Centinela Ave. in Los Angeles. The 17,227-square-foot shopping center features a My Gym and Black Box Theatre.
- Stanford Court Properties is located at 3001 Wilshire Blvd. in Santa Monica. The 31,578-square-foot shopping center features an Eco Cleaners and Kinecta Federal Credit Union.
- Sepulveda Plaza Center is located at 6315 Sepulveda Blvd. in Van Nuys. The 49,420-square-foot shopping center features a Leeds Mattress and Dunn-Edwards.
- 26th and San Vicente is located at 2528-38 San Vicente and 200-218 26th St. in Santa Monica. The 12,597-square-foot shopping center features a variety of retailers, including a restaurant, pharmacy and shoe store.
- National Sepulveda Shopping Center is located at 3010 Sepulveda Blvd. in Los Angeles. The 93,593-square-foot shopping center features a Wells Fargo, Vons, Subway and State Farm Insurance.
- Hacienda Valley Shopping Center is located at 15553 Valley Blvd. and 121 Hacienda Blvd. in Industry. The 28,700-square-foot shopping center is features a Subway, See’s Candies and Denny’s.
- Devonshire and Reseda is located on the northwest corner of Devonshire and Reseda in Northridge. The 182,611-square-foot shopping center features an LA Fitness, REI, Outback Steakhouse, Walgreens and Coco’s to name a few.
Want to learn about the retail sector? RealShare Conferences gather prominent speakers and the commercial real estate elite. Check out the 2015 events in your market.
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.