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Thursday, Mar 28, 2024

Janss Marketplace Filling Two of Four Vacancies

NewMark Merrill Companies, a real estate company that owns Janss Marketplace in Thousand Oaks, has recently filled two out of four vacancies in the retail plaza and re-signed several continuing renters at the site. The four locations include a 6,500 retail location formerly occupied by Borealis sports equipment until 2008. A former Mervyn’s location is 85,000 square feet while a former Shoe Pavilion location is 7,800 feet. A former Linens and Things Location is 39,000 square feet. According to Sandy Sigal, president and CEO of NewMark Merrill, the property is now about 95 percent leased. A new renter at the center is national chain Dress Barn, which will occupy the former Borealis location. The Dress Barn is scheduled to open March 27, according to Sigal although Dress Barn officials could not be reached for comment. Family oriented “Janss has always been very family oriented and it’s a good fit for this chain store with 500 stores aimed at teens and young adults,” Sigal said. In the former Mervyn’s location, Sigal said they are very close to making a deal with a mini-department store. However, he would not yet release the name of the company until plans are finalized. The Linens and Things Location has not yet been rented but Sigal said it has been viewed by a variety of companies including family amusement and medical prospects. The Linens and Things location is flanked by a Toys-r-Us and Gold’s Gym. “I think the location of the new property at the former Linens and Things location will widen the base of our shoppers more than it has in the past,” Sigal said. Women’s clothing store In addition, Sigal mentioned the recent introduction of Riverland, an Oxnard based women’s clothing chain that was added to the Marketplace towards the end of 2009. In addition, Subway agreed to a 7-year lease extension while Toys-R-Us agreed to a five year lease extension. “100 to 150 jobs will be added with these new tenants,” Sigal said. “The traffic generation will be 300 to 400 shoppers daily. Both of the new stores will do well and continue to draw people to Janss Marketplace . . . I think it’s a good sign that we can get a national chain here. It’s also a good sign for our trading area.” Manager of Economic Development for the City of Thousand Oaks Gary Wartik also expressed a sense of optimism for the city and the center. “It’s a strong center. It’s important to keep in mind that the centers that closed Mervyn’s and Linens and things were due to a national chain failure,” Wartik said. “It speaks to the efforts of NewMark Merrill’s center. It’s an older center but the owners spent money to update it. It’s a strong economic community in Thousand Oaks with a moderate unemployment rate . . . A large number have discretionary income. We’re seeing signs of improvement.”

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