THOUSAND OAKS, CA-The Macerich Partnership has acquired a super-regional mall in Thousand Oaks, California for $152.5 million.

Built in 1978 and renovated in 1993, The Oaks Mall is 1.1 million square feet on two levels and is anchored by Macy’s, Macy’s Men’s & Home Store, JC Penney, Robinsons-May and Robinsons-May Men’s & Home Store. It is the only regional mall in its trade area and is 22 miles to the east of Macerich Partnership’s Pacific View Mall in Ventura, California.

Macerich Partnership is the operating partnership of The Macerich Company, a publicly traded company. The purchase is being funded by a concurrently placed loan of $108.5 million, bearing interest at LIBOR plus 1.15%. The balance of the purchase price is being funded by cash or borrowings under the company’s line of credit.

The mall posted annual tenant sales for mall shops of $437 per sf. The occupancy level is approximately 92% and the average base rent per square foot is $34.38. Non-anchor tenants include Ann Taylor, Williams Sonoma, Pottery Barn, Banana Republic, Sharper Image, Cache and BeBe.

“The Oaks is unquestionably the market dominant leader within its trade area. We will enjoy operating synergies given its proximity to our Pacific View Mall in Ventura,” says Macerich President and CEO Arthur Coppola in announcing the acquisition. “Recent leasing has been very strong with new lease signings at rents 23% higher than expiring rents.”

In separate news last week, Macerich announced a $1.475 billion agreement to acquire Westcor Realty LP. Westcor’s existing portfolio includes interests in nine regional malls with nearly 10 million square feet of space located in Arizona and Colorado, plus 18 urban villages and specialty retail assets, strategically located in close proximity to the malls. With the acquisition of The Oaks and the pending acquisition of the Westcor portfolio, Macerich will own interests in 56 regional malls and 21 community centers, totaling approximately 56 million square feet.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.