NewMark Merill Buys Placentia Town Center in CA
- Nov 07, 2017
NewMark Merill Cos. acquired Placentia Town Center, a 116,832-square-foot shopping center in Placentia, Calif. Newmark Merill was represented in-house and supported by CBRE. Newmark Knight Frank worked on behalf of the seller, Retail Properties of America Inc.
Situated at 110-198 East Yorba Blvd., Placentia Town Center is part of an affluent area surrounded by many apartment communities. The property is within two miles of California State University, Fullerton and provides easy access to Orange Freeway as well.
“Placentia Town Center is within a very densely populated north Orange County area and has demonstrated strong historical tenancy and sales,” said Pete Bethea, executive managing director at Newmark Knight Frank, in prepared remarks. “The buyer has not only secured a cash-flowing asset in an infill location, but the opportunity to embark on a variety of potential value enhancement plays in the future.”
Placentia Town Center, developed in 1973 and renovated in 2000, is anchored by Marshall’s, Ross Dress for Less and CVS. It is 96 percent leased to several national and local retailers and restaurants including Bank of America, Massage Envy, Baskin Robbins, The Whole Enchilada, Avalon Bagels and Burgers, Philly’s Best and Craftsman Pizza.
Strategic expansion of portfolio
Newmark Merill currently owns a portfolio that includes more than 78 shopping centers in California, Colorado and Illinois. The firm recently secured $62 million refinancing of the Village at the Peaks, a 442,000-square-foot shopping center in Boulder, Colo.
“NewMark Merrill is strategically looking to grow by adding centers, either through acquisitions or third-party management, that complement its existing portfolio and where there is an opportunity to use our expertise to add value,” said Sandy Sigal, president & chief executive officer of NewMark Merrill Cos., in prepared remarks. “Placentia Town Center provided us an opportunity to acquire a well-located center in a dense and affluent neighborhood, with excellent well performing tenants, at below market rents.”
Image courtesy of NewMark Merill Cos.