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May 24, 2018
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Specialty Retail Center in Ventura County Fetches $50 Mil


Poinsettia Plaza, a 153.2k sf, specialty retail shopping center in the city of Ventura, has sold for $50 mil, or about $325/sf. We’re told this is the largest retail sale in the city of Ventura since 2003.

Located at 4220 to 4360 E. Main St, Poinsettia Plaza is situated at a dominant location just off U.S. Hwy 101 at the intersection of Telephone Rd and Main St. As the largest retail node in the City of Ventura, the location is considered a prime “Main & Main” type intersection, averaging 62,000 cars per day. Further adding to its desirability, the property sits just three miles from the Pacific Ocean.

Built in 1986, Poinsettia Plaza is currently 84% leased to a diverse mix of quality nationally and regionally recognized credit tenants such as Ross Dress for Less, Office Depot, FedEx Office, Petco, Starbucks, Sally Beauty Supply, The Coffee Bean, Sherwin Williams and The Avenue. The majority of the two dozen retailers currently operating in the center have been tenants for 10 years or more, while all of the anchors -- Ross, Office Depot, Petco and Lamps Plus -- have been tenants since the center opened in 1986.

Dixie Walker and Charley Simpson with Cushman & Wakefield’s Retail Services group in Irvine (Orange County) represented the seller, Poinsettia Plaza LLC, in the transaction. The buyer, IRA Capital Advisors LLC, represented themselves.

Walker, a Managing Director with Cushman & Wakefield, said, “The pricing achieved, in a secondary market, speaks to the value of the location and demonstrates the significant amount of capital chasing value added opportunities. We received 13 offers from very qualified groups, including institutions, REITs, private capital and foreign investors.”

“With the changing face of retail, the currently available influx of capital and creativity provides existing long-term owners the ability to exit well-located properties at very good price points without the risk, burden and expense of reconfiguring centers to meet the constantly evolving needs of the retail sector,” Walker added. “An extremely high retention rate further substantiates the strength of the center’s location, as nearly 60 percent of the gross leasable area (GLA) has been located at the center for 20 years or more.”

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