Oxnard’s Seabridge Marketplace center sold
The Seabridge Marketplace shopping center in Oxnard’s Channel Islands Harbor has changed hands in a quick sale to a San Diego investment group.
The 91,631-square-foot shopping center was purchased by real estate investment trust Retail Opportunity Investments Corp. for an undisclosed amount. The seller was Dana Point-based K&G/Seabridge I LLC.
The shopping center is part of Oxnard’s master-planned Seabridge community developed by D.R. Horton. The center is anchored by Vons and includes a Chase Bank, Round Table Pizza, Jersey Mike’s Subs, UPS Store and Coffee Bean & Tea Life.
“This was an off-the-market transaction brought about by the need to extract the ownership from a very difficult lender. From start to finish, we closed in 7 days,” said Edward Hanley, president of Hanley Investment Group Real Estate Advisors, the firm that handled the transaction.
Built in 2006, the center is on 12 acres at 3900-3966 Tradewinds Drive and 1201-1267 S. Victoria Drive. It was 91 percent occupied at the time of the sale, according to Hanley.
Retail Opportunity Investments Corp. owns 20 shopping centers in California, including the Mills Shopping Center in Rancho Cordova and Marketplace Del Rio in Oceanside.
“The sale of Seabridge Marketplace is a very good indicator that the retail investment market, particularly the grocery/drug anchored shopping centers, remains strong. Look for this demand to remain steady through 2012 as retail sales improve and the debt market becomes more active,” Hanley said in the news release.