NewMark Merrill Companies has acquired a nearly 100,000-square-foot shopping center in Santa Maria.
The Woodland Hills-based retail assets management firm picked up the North Broadway Plaza in Santa Maria, according to the San Fernando Valley Business Journal. Terms of the deal were not disclosed.
The center, located at 1818 N Broadway in Santa Maria, is anchored by Food Maxx and CVS, with Goodwill Industries, Chase and Verizon as co-tenants. The city lies about 75 miles north of Santa Barbara.
The Central Coast deal marks the fourth shopping center acquired by NewMark Merrill since the coronavirus pandemic began in March 2020 – a string of purchases that totals around $120 million. The recent acquisitions demonstrate belief in brick-and mortar-retail as a viable model, the company said.
“NewMark Merrill is committed to the local community through direct outreach, promoting the center’s businesses and operators, and supporting the neighborhood and its residents who are and will be customers and employees of the merchants at North Broadway Plaza,” Chief Executive Sandy Sigal said in a statement.
““We will continue to showcase North Broadway Plaza as an integral place to meet the needs of residents in the Central Valley and Santa Maria.”
Reza Investment Group represented NewMark Merrill and the seller during the sale.
NewMark Merrill Companies, founded more than 40 years ago, owns and manages more than 90 shopping centers valued at more than $2 billion in California, Colorado and Illinois. They include more than 10 million square feet of retail assets with more than 2,000 tenants across 85 cities, according to its website.
In October 2020, NewMark Merrill Companies acquired more than 180,000 square feet at the Shops at SouthBay Pavilion in Carson. NewMark Merrill Companies acquired more than 180,000 square feet at the Shops at SouthBay Pavilion in Carson.
[San Fernando Valley Business Journal] – Dana Bartholomew