Ownership of Oaks Mall will change hands by end of 2024
After 20 years under the ownership of The Macerich Co., the Oaks Mall is expected to be sold by the end of 2024 for 157 million dollars. This was revealed in the Quarter 3 Report from The Macerich Co. Earlier this year in July, the company also sold its 50 percent interest in Biltmore Fashion Park in Phoenix, AZ.
Real estate investment trust Macerich has owned the Oaks Mall since 2002 when they bought the property for just over 150 million dollars. In 2008, the company invested another 250 million dollars into an expansion project, making it now about 1.2 million square feet.
The buyer, Stockdale Capital Partners, is based in Los Angeles and currently manages about 2.8 billion dollars in gross assets, according to its website. They also manage properties including hotels, medical buildings and malls across the west and southwest areas of the U.S.
The Oaks Mall has been the heart of Thousand Oaks since 1978, however, with empty stores and the loss of many in-person shoppers, the two-story, indoor-outdoor shopping center has not been without its challenges. At this time, 90 percent of the spaces in the mall are leased, which Macerich reported in its annual filing. With a change in consumer behavior and the rise of technology, the convenience of online shopping is on the rise. Although many would propose that it is a much different experience than going door to door in a mall, the ease of ordering at home is usually the winner.
Such struggles of malls and shopping centers is not something new, especially in the greater Thousand Oaks area. Just a few months ago, the Simi Valley Town Center sold for 38 million dollars, and Archway Capital said the new owners have a “strategic plan in place to reposition the center to lifestyle retail over the next 12 months.” All across town, many shopping centers have begun with expansion plans in residential development. The Janss Marketplace, down the street from the Oaks Mall, was approved in Nov. 2023 to move forward with a five-story hotel project. The proposed 216-room hotel will take the place of the former Marshall’s site.
The struggle of in-person shopping malls has been prevalent for years, locally and throughout California. The future for the Oaks Mall is not completely clear for the time being, and The Macerich Co. has not yet released its plans for the property.
