Macerich Renovates Oaks Center for $250M

[IMGCAP(1)]THOUSAND OAKS, CA-The Macerich Co. is adding 130,000 sf of new space and 27 new retailers in an outdoor lifestyle expansion of the Oaks shopping center that the Santa Monica-based REIT calls “the first significant reinvestment in the center’s 30-year history.” According to public filings by the shopping center REIT, the price tag for the expansion and renovation is $250 million.

The Oaks center, which totals more than one million sf and is situated along the 101 Freeway, also will be adding a 138,000-sf Nordstrom store that will be the first in Ventura County. At the same time Macerich is under way on the expansion and a significant renovation of the center’s interior, a total of 40 retailers are opening new stores, renovating or expanding inside the center in moves that are separate from the Macerich project.

[IMGCAP(2)]The renovation is being completed in three phases, with construction anticipated to be complete in the fall. The first phase is a new 650-seat food court with indoor and outdoor seating, adjacent restrooms and a children’s play area that is already open. The lifestyle expansion is expected to open in phases, starting in the fall.

The Nordstrom is one of five new retailers at the Oaks that are new to Ventura County, according to Randy Brant, EVP of Real Estate for Macerich. The other four are Fruits and Passions, a personal care boutique based in Canada; handbag and accessories boutique kate spade; fashion retailer Marciano; and Teavana, a shop that sells upscale teas.

Other retailers coming soon or recently opened at the Oaks are abercrombie kids, BabyGAP/Maternity, Bare Escentuals, Beauty Essentials, Fast Fix Jewelry Repair, GAPkids, Guess?, Hollister, Nailspot, Planet Funk and Solstice Sunglass Boutique. Other major retailers either at the center or coming soon include Macy’s Women’s, Macy’s Men’s, Home & Children’s, JCPenney, the Cheesecake Factory, Sisley Italian Kitchen and more than 170 specialty stores upon completion of the project.