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December 16, 2018
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Regional Retail Center in Oxnard Trades Hands

10/04/18

In retail investment news out of Ventura County, a majority, 357k sf, portion of Esplanade Shopping Center, a 488.9k sf regional retail center located at 195 W. Esplanade Dr in Oxnard, traded hands.The center, just over 92% occupied at the time of sale, offers a curated mix of best-in-class retailers including Nordstrom Rack, Walmart Neighborhood Market, TJ Maxx, Staples, Dicks Sporting Goods, Cost Plus, Home Depot (NAP), among others.

The asset was sold by Brixmor Property Group. Although the actual price was not given out, industry sources estimate a price tag of around $95 to $96 mil. The buyer, G&I IX Esplanade Property L.P, is reported to be venture between NY-based DRA Advisors and Investec.

NKF Capital Markets Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller, Associate Director Matthew Schwartz represented Brixmor in the transaction. NKF Executive Managing Director David Milestone and Managing Director Brett Green repped the buyer in securing financing.

“The majority of the tenants in the center are the top operators in their respective categories. The strong sales reported by the retailers and restaurants validate the strength and attraction of the location and trade area,” said Miller. “Retail remains strong in the Oxnard submarket with a 4.4% vacancy rate and positive net absorption through the first half of 2018. In the case of Esplanade, the buyer was attracted to the prominence and success of the shopping center in addition to the top-tier tenant mix.”

Esplanade also includes a collection of quick-service and sit-down restaurants including BJ’s Restaurant, Blaze Pizza, In-N-Out Burgers, Pick Up Stix, Jamba Juice and Starbucks. The center is supported by a dense and affluent population base including more than 278,000 residents with average household incomes exceeding $86,000 within a five-mile radius.





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