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April 18, 2024
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Ventura Shopping Center Traded in $66 Mil Transaction’

2/06/23

Poinsettia Plaza, a 157.3k sf shopping center in Ventura, traded for $66 mil, or $420/sf. The property is located at 4220-4360 E. Main St and 4687-4731 Telephone Rd, just south of the confluence of the 101 Fwy and Hwy 126.

Poinsettia Plaza was 96.5% occupied at the time of sale to a credit tenant roster averaging over 20 years of tenure. Anchor tenants include Ross, Office Depot, Petco, FedEx and Lamps Plus—all of which have been tenants since the center opened—and Aldi who recently signed a long-term lease. Recent renovations to the property include modernization of existing facades, new landscaping, parking lot including slurry and striping, and signage.

Ventura Plaza is located in the epicenter of the of the high-growth Ventura County, just three miles from destination Ventura beaches and the Ventura Harbor. The center is proximate to four major thoroughfares, including the 101 Fwy, Highway 126, Main St and Telephone Rd, with traffic counts of over 469,000 vehicles per day. The property features six total ingress/egress, with two entry drives each along Donlon St, Main St and Telephone Rd.

Pete Bethea, Rob Ippolito and Glenn Rudy with Newmark represented the seller, IRA Capital, in the transaction.

According to Newmark Research, retail was the only sector to increase investment sales year-over-year. Investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter in the third quarter of 2022. Even so, it was the second best third quarter on record.





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