NewMark Merrill Companies Enters Sacramento Market with 365,000 Square Foot Southgate PlazaSeptember 3, 2010
(Sacramento, CA) September 3, 2010 - NewMark Merrill Companies, a retail development and full-service property management firm, is proud to announce that it has been named to lead the management and redevelopment of Southgate Plaza, a 365,000-square-foot retail center in Sacramento, Calif. NewMark Merrill will immediately begin a comprehensive repositioning effort for the center. The management assignment is the first for NewMark Merrill in the Sacramento region.
Southgate Plaza was once the dominant center located at the intersection of Florin Road and Franklin Avenue, housing such retailers as Wal Mart, Ross, Albertsons and Office Max. Currently, the center is 20 percent leased, following the departure of several tenants during this challenging economy. Wal-Mart has relocated and opened a new Supercenter just over 1 mile away, and Albertsons, Office Max and Ross have all closed.
NewMark Merrill's repositioning efforts will include implementing an aggressive lease up plan for both large boxes and small in-line shops, constructing a new facade, creating new logos and a possible name change. They will also look to address the numerous deferred maintenance issues while reaching out to the County of Sacramento which has demonstrated significant support to the Florin corridor. Marketing and promotions will play a large part in rebranding this asset back to the community.
Southgate Plaza is located at two major intersections carrying over 60,000 cars per day and surrounded by over 20,000 in a one mile ring. The former Albertsons is being replaced by a 99 Ranch Market, 28 store regional market chain specializing in Asian communities. They have signed a lease for 65,000 square feet and 15 years.
"Southgate Plaza is the type of retail asset which should stand the test of time. It has excellent demographics, on one of the major intersections in Sacramento, and a long track record of being the center of the community. NewMark Merrill Companies also has a long track record of taking assets like Southgate and helping them surpass their prior successes. We look forward to working with the existing tenants, the surrounding community, and new tenants who we feel can add to the tenant line-up, and helping this center thrive again." said Sandy Sigal, Chief Executive Officer and Founder of NewMark Merrill Companies.
With a portfolio of 50 shopping centers that the company owns or manages, NewMark Merrill Companies has the unique ability to draw from its over 25 years of experience to provide a higher level of property management, development and asset management services for its clients. NewMark Merrill Companies has ranked among the top 20 Largest Property Management Firms and Top 10 Largest Commercial Real Estate Developers from 2007-2010 by the LA Business Journal. In addition to Woodland Hills, regional offices are located in Orange County, Ventura County, San Francisco, San Diego County, Colorado and Illinois. The company currently owns and/or operates 50 shopping centers in three different states representing over 7 million square feet and almost $1 billion in value. The Company also owns LandMark Retail Group, a preferred developer for CVS Pharmacy which is developing new stores throughout California.
For more information contact Heather Danko, marketing director for NewMark Merrill: firstname.lastname@example.org or 818-710-6100 or visit www.newmarkmerrill.com.