Shopping Center trades hands for $23.3M in Ventura
Sizable retail-based transactions keep popping up along the Highway 101 corridor. The latest of these is the Ventura Village Shopping Center in Ventura, which was recently sold to an undisclosed private company for $23.3 million. The seller was Regency Centers, a publicly-traded real estate investment trust headquartered in Jacksonville, Florida.
Ventura Village is an approximate 76,060-square-foot neighborhood shopping center, anchored by Vons Grocery. Vons, which was included as part of the sale, has been operating out of the same location since 1986. Vons occupies 42,500 square feet and a long-term lease is still in place. Other tenants include, Fantastic Sams, Papa John’s Pizza and Subway.
“It’s an institutional quality piece of real estate, owned and managed for almost 20 years by one of the premier real estate investment companies in the U.S.,” said Mark Lucescu, president of Lucescu Realty the real estate services firm that represented the seller. “We had a very strong response from the investor community when we first brought the property to market and received interest from the full spectrum of buyers,” Lucescu further commented. “Grocery anchored centers in coastal Southern California at less than replacement cost are very difficult to find.”
Built in 1986, Ventura Village is situated on a 6.05-acre parcel, at the southwest corner of Victoria Avenue and Telephone Road. The property has 700 feet of frontage along Telephone Road and is currently 93 percent leased.
“We expect core and core plus offerings to continue to garner very high investor demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. In addition, we anticipate California’s major coastal MSAs to continue to lead the overall investment markets,” Lucescu said.