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tockdale Capital Partners is taking a chance on The Oaks, a 1.2 million-square-foot shopping mall in Ventura County that needs renovation. The Los Angeles-based investor has entered into contract with Macerich to buy the Thousand Oaks property for $157 million, according to sources familiar with the deal. Macerich CEO Jack Hsieh revealed last week that the company plans to sell The Oaks by year's end but declined to name the buyer.

    The mall is currently 90% leased and features a mix of retailers including AMC Theaters, Dick's Sporting Goods, JCPenney, Macy's, and Nordstrom. Notably, Macy's has closed over 150 locations nationwide as part of its turnaround strategy, but the Thousand Oaks store remains open for now.

    Macerich aims to shed $2 billion in debt by paring down its retail portfolio. The company acquired The Oaks in 2002 for $152.5 million and invested $250 million in an expansion and renovation in 2008. With a current debt of $148 million tied to the property, Macerich has secured two loan extensions, pushing back the maturity date to 2026.

    Built in 1978, The Oaks has undergone multiple renovations but could present an opportunity for Stockdale Capital Partners. The firm oversees a $2.8 billion commercial real estate portfolio and has successfully repositioned another California mall, Horton Plaza in San Diego, into a mixed-use campus with apartments, office space, and retail.