Heritage Plaza Space Available in Riverside
Riverside, Ca – NewMark Merrill Companies, a retail development and full-service property management firm, is proud to announce the addition of four new Property Management assignments of 1,169,500 square feet, in addition to expanding its’ list of clients. The shopping centers include: Heritage Plaza (Riverside), Grand Plaza (San Diego), Nordahl Marketplace (San Diego) and Peru Marketplace (Illinois) The four high-profile Southern California and Illinois shopping centers are owned by affiliates of both World Premier Investments (WPI) and United American Properties (UAP). NewMark Merrill Companies retail portfolio now exceeds 8 million square feet under management including its owned assets.
Heritage Plaza is a 119,000 square foot center, located along Arlington Avenue in Riverside California. The center is home to many retailers, including Albertsons, 99 Cent Only Store, Starbuck’s Coffee, Subway, Rent A Center, Radio Shack and Yum Yum Donuts to name a few. Leasing for this property is handled by Colliers International.
“We are thrilled to be involved with all four of these assets which are all dominant in their respective markets,” said John Hickman, Managing Director of NewMark Merrill Companies. “We look forward to applying our brand of management and marketing to best position these centers to thrive in this market. These properties have fared well in the recent market downturn, and we look forward to working closely with the ownership and merchants to continue this momentum.
“We are excited to be entering into this new business relationship with NewMark Merrill Companies and working closely with them on these four properties,” stated Andrew Sun, President of World Premier Investments. John Young, President of United American Properties, a privately held multi-state development company, added, “We are impressed with the core competencies of NewMark Merrill to create and maintain long term value, and find them to be a great match for our centers.”
“For over 26 years, NewMark Merrill Companies has prospered in good and bad markets by treating each center as a personalized entity, with hands-on attention to its place in the communities that surround it. Our portfolio has maintained a stabilized leasing rate of over 93% in the toughest market in decades due to the passion our team has to maximize the value of retail space,” said Sandy Sigal, President and CEO of NewMark Merrill Companies. “Now, more than ever, NewMark’s integrated management, leasing, marketing and accounting expertise are helping those centers it owns and manages to outperform the market and put them in position to thrive.”
With a portfolio of more than 59 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 9 Largest Property Management Firms and Top 10 Largest Commercial Real Estate Developers from 2007-2011 by the LA Business Journal. The Company was recently named the #1 Fastest Growing Private Company in the San Fernando Valley by the Los Angeles 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 59 shopping centers in three different states representing over 8-million square feet and over $1 billion in value. The Company owns LandMark Retail Group, a preferred developer for CVS Pharmacy that is currently developing new stores throughout California.