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October 21, 2020
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Ventura Retail Center Trades for Over $23 Mil


Ventura Village Shopping Center, a 76.1k sf neighborhood shopping center in Ventura, was acquired by a private investment entity for $23.25 mil ($305/sf). The property was sold by Regency Centers, a publicly-traded real estate investment trust, headquartered in Jacksonville, FL.

Ventura Village is anchored by a Vons Grocery store, which was included as part of the sale. Vons has been operating out of this location since the center opened in 1986 and occupies 42.5k sf of space on a long-term lease with fixed rental escalations throughout the primary and option terms. Additional tenants include Fantastic Sams, Papa Johnís Pizza and Subway.

The property is situated on a 6.05-acre parcel, at the southwest corner of Victoria Ave and Telephone Rd. Ventura Village, which enjoys 700 feet of frontage along Telephone Rd, is currently 93% leased.

Mark Lucescu, president of Lucescu Realty, represented Regency in the transaction. Regency, a national owner, operator and developer of high-quality, grocery-anchored neighborhood and community shopping centers, has a portfolio of 328 retail properties totaling over 43.8 msf in top markets throughout the United States. In addition to representing Regency Centers in the sale, Lucescu also procured the buyer in the deal.

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