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Tweaking the Tenant Mix in Thousand Oaks

18 SAN FERNANDO VALLEY BUSINESS JOURNAL AUGUST 31, 2020

REAL ESTATE FOCUS Tweaking the Tenant Mix in Thousand Oaks

NewMark Merrill plans 1 new food stops, grocery at Janss Marketplace.

By MICHAEL AUSHENKER Staff Reporter

The Janss Marketplace is undergoing a partial makeover that will add three fast-food stops and a value grocer to the outdoor mall in Thousand Oaks. Earlier this month, construction began on revamping a 35-year-old building at Janss Marketplace that for years was home to a variety of tenants, including , and sit-down . The outdoor mall’s Warner Center-based owner, NewMark Merrill Cos., intends to redevelop the site and then install an entirely new tenant mix. Leases have been signed to bring in a drive-thru, a and a Fish Grill. A separate section will host an Aldi in a storefront where a Toys ‘R Us branch used to exist from 1969 until 2018, when the entire New Jersey-based company became defunct. With nearly 40 businesses and originally named Janss Mall, Janss Marketplace has been built and renovated in pieces through- 2 3 out its history beginning in 1959, with new pieces added in 1960 and 1989, and a wave of renovations in 1995 and again in the mid- 2000s. Today, the entire complex totals nearly 600,000 square feet of retail space. Two years ago, NewMark Merrill Chief Executive Sandy Sigal decided that a portion of his center at 401 N. Moorpark Road needed a refresh. “We also understood that the corner restau- rant building did not fit the needs of our mar- ket,” he said, regarding the area where Hooters and Sizzler used to stand. “We went out to the market in early 2019 and found good support for re-tenanting if we upgraded both spaces.” 4

Timely tenants The 5,700-square-foot Hooters ran from 2012 until June 2018, and not without some community pushback along the way over its adult-skewing format, which includes scantily clad waitresses. Sizzler, which predated Hoot- ers at the site, closed in the early 2000s and gave way to a Pat & Oscar’s and then, briefly, a Fuddruckers, which closed by 2010 when the chain’s parent company, Magic , went belly up. “Each tenant did well in its own time,” Sigal told the Business Journal. “They met a PHOTOS BY THOMAS WASPER need at that time, but retail evolves. Today, a 1. CEO: NewMark Merrill Cos.’ Sandy Sigal stands before his retail project at Janss 5 Starbucks and quick service is more import- Marketplace in Thousand Oaks. 2. Rendering: By year’s end, the new structure will ant for this type of location than a sit-down host a , WingStop and Starbucks. 3. Rising: The building where the .” three convenience food businesses will go. 4. Rendering: An Aldi grocer will stand Sigal also believes that incoming lessees where Toys ‘R Us existed from 1969 to 2018. 5. Sigal, flanked by Janss Marketplace WingStop and California Fish Grill, as more Assistant Property Manager Sheila Peterson, left, and Property Manager Marga Price. attached to the Marketplace’s main center, should benefit greatly from cross traffic at the These elements will remain open as the new are looking forward (and) not backward,” he mall. The WingStop will occupy 1,475 square components are established. explained. feet, while California Fish Grill will take There is no clear advantage to building One question remains: Given the changing 2,975 square feet and Starbucks 2,500 square during this time and, if anything, there are face of retail during the pandemic, will there feet. some logistical challenges. Yet Sigal said be any adjustments made to the layout or mix As for the incoming Aldi replacing the toy construction will unfold during the pandemic of these incoming retail tenants? store, “We all grew up with Toys ‘R Us and I because “we are confident in the market for “Surprisingly, not much more than we would have loved for them to have remained good retailers, restaurants and service provid- would do normally,” Sigal said. “We have viable. We didn’t look to replace them, but ers in the long-term.” always believed in open air spaces, in ade- unfortunately, they were not sustainable,” Due to the coronavirus crisis, it has been quately sized social gathering spots, and the Sigal said. hard to coordinate with the city, contractors ability to make sure people feel like they are all doing what we can to promote safety, social He believes that establishing a value-ori- and architects without the ability to meet in not herded like cattle.” distancing and mask-wearing, and we will ented supermarket such as Aldi will fit perfect- person. However, Sigal said that everyone has By virtue of Janss Marketplace’s open-air continue to do what we can to keep everyone ly for his center and the surrounding market. stepped up on the project. format, Sigal believes that the mall has always safe so they can focus on enjoying our incred- Of course, the pandemic impacted the time- “There is not a lot of construction going on been a place that has different gathering areas ible tenants.” line for renovations. Over the summer, Janss now due to people being more on the defense, and zones in which people can create their The outlets of Starbucks, California Fish Marketplace reopened its stores following the so (we see it as) an opportunity to keep people own spaces. Grill, WingStop and Aldi should be up and shutdown of businesses imposed in March. working and let the community know we “That being said,” Sigal continued, “we are ready by the end of this year.

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