The Macerich Partnership L.P. has acquired The Oaks, a 1.1 million sq. ft. super-regional mall in Thousand Oaks, Calif., for $152.5 million. The acquisition of the property gives the Santa Monica, Calif.-based firm the dominant mall in the fast-growing Conejo Valley area outside of Los Angeles.
Annual mall shop sales at the 92%-occupied mall average $437 per sq. ft. The 2-level Oaks is anchored by Macy’s, Macy’s Men’s & Home Store, JC Penney, Robinsons-May and Robinsons-May Men’s & Home Store. Speciality shops include Ann Taylor, Williams Sonoma, Pottery Barn, Banana Republic and Cache.
According to Macerich CEO Arthur Coppola, the purchase strengthens Macerich’s position in Ventura County, where it redeveloped the Buenaventura Mall into the 1.24 million sq. ft. Pacific View Mall in 1999.
"We will enjoy operating synergies given its proximity to our Pacific View Mall in Ventura," Coppola says. "Recent leasing has been very strong."