NewMark Merrill Cos. Inc. has acquired the Corbin & Parthenia shopping center, an 83,668-square-foot community retail center located in Northridge.
The Woodland Hills-based retail shopping center owner and development company will work to enhance the asset with investments in deferred maintenance, upgrading various areas of the property including improvements to signage. The company also plans to put together events that cater to the neighborhood.
NewMark Merrill was represented in-house by Jim Patton and Greg Giacopuzzi as well as Greg Offsay and Carol Marmor of Illi Commercial.
This acquisition marks the eighth shopping center NewMark Merrill owns or manages in the San Fernando Valley and adjoining Conejo Valley, including Janss Marketplace in Thousand Oaks.
“Despite the evolving economy, NewMark Merrill believes that retail and specifically Corbin & Parthenia is integral to the community, a community our company has resided in and served for almost 40 years,” Sandy Sigal, president and chief executive of NewMark Merrill, said in a statement. “We identified this community center approximately two years ago, saw its potential and have been working to acquire it ever since. Through the financial challenges, we were able to identify, secure financing, and arrange the closing on a property that we believe is a key center in the area.”
Corbin & Parthenia is located in one of the busiest retail hubs in the Valley and within close proximity to the 101, 118 and 405 freeways. It is also situated two miles from California State University, Northridge.
Corbin & Parthenia’s tenants include Office Depot, Brent’s Deli, Finmark Floor Coverings, Mr. Stuff Warehouse, Northridge Beauty Bar, Flying Kick Martial Artists and Yaheli Skin Care Products.