Woodland Hills, CA. (September 23, 2020) – At a time when very few retail properties are changing hands, NewMark Merrill Companies, Inc., a Woodland Hills, CA based retail shopping center owner, manager and development company announced today that it has purchased multiple retail buildings at SouthBay Pavilion located in the Los Angeles submarket of Carson, California from Seritage SRC Finance, LLC. The buildings known as The Shops at SouthBay Pavilion, encompassing 182,193 square feet of retail space, are leased to several high-profile tenants including Burlington, Ross Dress for Less, Sola Salons, Norms Restaurant, Chipotle, Smashburger, Jersey Mike’s, Buffalo Wild Wings and Olive Garden. IKEA, Target, Cinemark Theaters and JC Penny anchor the balance of the 1,013,607 square foot mall.
NewMark Merrill will immediately work to stabilize the asset with its property management, marketing and technology expertise after successfully navigating a particularly complicated due diligence sales process due to COVID-19 and other related challenges. The company’s overall goal is to help add additional quality tenants to The Shops at SouthBay Pavilion while supporting the overall mall’s role as a one of the top shopping, dining and entertainment destinations in the South Bay.
“Despite the current COVID crisis and evolution of retail, NewMark Merrill believes that The Shops at SouthBay Pavilion is integral to the community and will become an iconic destination for years to come. The proof is in the last 6 months through this crisis, the center has continued to attract shoppers, the tenants have continued to adapt, and the center is operating at a very high level,” said Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies. “Despite an incredibly difficult time when almost no one is out there making deals, we were able to secure financing, resolve several physical and back-end issues, confirm the strength of the existing tenants and close in a timely manner during a pandemic.”
Sigal went on to say, “We continue to see more and more customers return to our centers. In fact, over 25% of our centers are exceeding year over year traffic, and 75% of our centers are growing traffic on a week over week basis. We are seeing this growth despite many of the counties we are in have severe restrictions on indoor dining and shopping and many of our theaters and gyms are still closed.”
NewMark Merrill was represented in-house by Sandy Sigal, Jim Patton and Brad Pearl. Seritage SRC Finance, LLC worked directly with NewMark Merrill to consummate the transaction.
SouthBay Pavilion is positioned between the 405, 110, 710 and 91 freeways with direct exposure to over 265,000 cars daily. It is located just north of the San Diego Freeway at Avalon Boulevard, between the freeway and Del Amo Boulevard in Carson. It is located in a densely populated primary trade area comprised of nearly 600,000 residents within a 5-mile radius of the property.
About NewMark Merrill Companies
NewMark Merrill Companies, Inc. owns or manages a portfolio of over 80 shopping centers valued at more than $2 billion. Since 1987, President and Chief Executive Officer Sandy Sigal has led the company of shopping centers representing over 1,800 tenants and 10 million square feet in California, Colorado and Illinois. The Company has founded and invested heavily in BrightStreet Ventures, its technology company, which is working on leading edge solutions for landlords and tenants to succeed in today’s retail environment. For more information, visit NewMarkMerrill.com.