Real estate investor set to buy The Oaks for $157M
Stockdale Capital Partners is in contract with Macerich to buy The Oaks shopping mall in Thousand Oaks for $157 million, according to The Real Deal.
Macerich CEO Jack Hsieh told shareholders this month that his company is set to sell The Oaks before the end of the year, but declined to identify the buyer.
Citing anonymous sources, The Real Deal reported Nov. 11 that the buyer is Stockdale, a Los Angeles-based real estate investor.
“It’s an asset that needs to be re-engineered, especially the retail,” Hsieh said in the earnings call. “It’s a development opportunity that has entitlement.”
Macerich, a real estate investment trust, bought The Oaks in 2002 for $152.5 million and embarked on a $250 million expansion and makeover in 2008, according to RealDeal.com.
Built in 1978, the 1.2 million-square-foot shopping plaza is currently 90 percent leased, Macerich reported in its annual filing. Tenants include AMC Theaters, Dick’s Sporting Goods, JCPenney, Macy’s and Nordstrom.
