LUCESCU REALTY Announces Sale of Ventura Village Shopping Center in Ventura, California for $23.25 Million
NEWPORT BEACH, CALIF. – October 8, 2014 – (RealEstateRama) — Mark Lucescu, President of LUCESCU REALTY, a market leading investment real estate services firm, announced today the sale of Ventura Village Shopping Center in Ventura, California, for $23.25 million. LUCESCU REALTY exclusively represented the interests of the seller, Regency Centers, a publicly-traded real estate investment trust, headquartered in Jacksonville, Florida. With more than 50 years of experience, Regency is the preeminent national owner, operator and developer of high-quality, grocery-anchored neighborhood and community shopping centers. The Company’s portfolio of 328 retail properties encompasses over 43.8 million square feet located in top markets throughout the United States. In addition to representing Regency Centers in the sale, LUCESCU REALTY also procured the buyer, a private company.
Ventura Village is an approximate 76,060-square-foot neighborhood shopping center, anchored by Vons Grocery. Vons, which was included as part of the sale, has been operating at this location since 1986. Vons occupies 42,500 square feet of GLA on a long-term lease with fixed rental escalations throughout the primary and option terms. Additional tenants include Fantastic Sams, Papa John’s Pizza and Subway.
“It’s an institutional quality piece of real estate, owned and managed for almost 20 years by one of the premier real estate investment companies in the U.S.,” noted Lucescu. “We had a very strong response from the investor community when we first brought the property to market and received interest from the full spectrum of buyers,” Lucescu further commented. “Grocery anchored centers in coastal Southern California at less than replacement cost are very difficult to find.”
Built in 1986, Ventura Village is situated on a 6.05-acre parcel, at the southwest corner of Victoria Avenue (46,292 VPD) and Telephone Road (27,979 VPD). The property, which enjoys 700 feet of frontage along Telephone Road, is currently 93% leased. Victoria Avenue boasts on/off ramps to State Route 126 just one half mile north as well as on/off ramps to Highway 101 just one mile to the south. In addition, Telephone Road has on/off ramps to Highway 101 just one mile to the west. The average household income within a 3-mile radius is $92,959.
According to Lucescu in discussing the latest market trends, “We expect core and core plus offerings to continue to garner very high investor demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. In addition, we anticipate California’s major coastal MSAs to continue to lead the overall investment markets.”
LUCESCU REALTY is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. Scope of services include sale transactions, advisory/consulting, debt/equity placement, market research and financial services. LUCESCU REALTY specializes in individual property and portfolio transactions, on behalf of public and private companies worldwide, involving neighborhood, community, power, and lifestyle centers, regional malls, and suburban and central business district office buildings. The hallmark of LUCESCU REALTY is its ability to maximize value through its exclusive focus on sale transactions, access to the full spectrum of both public and private investors, intimate local market knowledge through its in-house group of market analysts, tailored marketing strategies, and depth of capital market experience. LUCESCU REALTY is annually recognized as one of the most active brokerage firms in the United States. Headquartered in Newport Beach, California, LUCESCU REALTY has regional offices in Phoenix, Arizona and Las Vegas, Nevada and plans to open an office in San Francisco later this year. For more information, please visit www.lucescurealty.com.
