The Oxnard Vineyards shopping center has been sold by Loja Real Estate Group to a private investor for $24.5 million in cash, according to a news release from the CBRE Group.
The 102,139-square-foot property on E. Vineyard Avenue occupies 11.5 acres and there are 1,200 new residential units within a three-block radius.
Artin Sepanian of CBRE said that the deal traded at a capitalization rate of 5.3 percent, the lowest for a grocery-anchored shopping center in Ventura County this year.
Loja Real Estate Group bought the property in 2014 and saw an opportunity to take advantage of the cap rate compression in a high demand region, added Orbell Ovaness of CBRE.
• Contact Robert Shutt at [email protected]