The Oaks mall in Thousand Oaks is expected to trade hands by the end of the year, according to the center’s longtime owner, The Macerich Co., which announced the pending deal in its third quarter earnings report on Nov. 6.
According to the company’s balance sheet, Macerich is currently under contract to sell the 1.2 billion-square-foot property for $157 million and expects to do so in the fourth quarter, subject to customary closing conditions. While the earnings report did not reveal the buyer, news reports later pegged it to be Brentwood-based Stockdale Capital Partners.
The property was originally built in 1978. Santa Monica-based Macerich acquired The Oaks for $153 million in 2002, which followed a $250 million makeover in 2008. It was last renovated in 2017.
Macerich previously announced a total net debt of $6.19 billion and a $2 billion reduction plan in order to eliminate long-term debt. With the sale of The Oaks, as well as other signed asset agreements, Jackson Hsieh, chief executive of Macerich, said it has approximately 60% of the $2 billion target – or $1.17 billion – either completed or currently in play.
In order to achieve the remaining $83 million, Hsieh said there will be more sales and givebacks in the future, as well as a focused disposition effort on freestanding retail assets, vacant land sales, and smaller, open-air centers around Macerich’s regional shopping centers.
Other in-process transactions include Santa Monica Place, The Shops at Atlas Park in Southridge Mall and four other assets currently under discussion.
