Maxxam Secures $85M Refi for SoCal Retail Center
Grocery-anchored property is 90 percent leased and attracts 4 million visitors annually.
By Greg Cornfield December 21, 2022 6:00 pm
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A retail center in the northwestern part of Greater Los Angeles has bagged $84.7 million in refinancing two years after it was renovated.
An affiliate of Beverly Hills-based Maxxam Enterprises secured the financing with TerraCotta Credit Fund for Janss Marketplace, a 456,390-square-foot, grocery-anchored retail center in Thousand Oaks, Calif. JLL (JLL) announced the financing and represented the borrower.
Janss Marketplace is 90 percent occupied and attracts 4 million visitors per year, according to the brokerage. It’s anchored by an Aldi grocery store and also includes Ulta Beauty, Petco, Old Navy, Five Below and Gold’s Gym.
It’s at 165-401 North Moorpark Road near the 101 freeway. The retail center was built in phases from 1959 to 1999, and renovated in 2007 and 2020, according to the JLL team of Matt Stewart, Alethia Halamandaris and Chris Jaffe.
“Janss Marketplace is located in one of the strongest submarkets in Southern California and will be one of the premier mixed-use destinations in the region,” Stewart said in a statement. “This was an amazing execution in today’s market environment; we worked with TerraCotta to structure a bespoke financing solution that met all of the sponsor’s objectives.”
Since its start in 1979, Maxxam has acquired or developed more than 200 properties totaling over 4 million square feet in California, Hawaii and other parts of the Western U.S. Earlier this month, CO reported Maxxam sold a 104,267-square-foot industrial property in Thousand Oaks to research lab HRL Laboratories for $39.8 million.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
