Primestor acquired the 357,000-s.f. grocery-anchored retail community center in Oxnard for $252 per square foot. The buyer liked that the property was well leased and features anchors such as The Home Depot, Nordstrom Rack, Staples, Dick’s Sporting Goods, T.J. Maxx and Walmart Neighborhood Market. Other tenants include World Market, Tillys, Boot Barn, In-N-Out Burger and BJ’s Restaurant and Brewhouse.
Property Type: Esplanade Shopping Center, a Grocery-Anchored Center in Oxnard, Calif.
Price: $90M
Buyer: Primestor Development
Seller: DRA Advisors
“The Esplanade Shopping Center provides the opportunity to acquire a 94% leased, institutional-quality, necessity retail asset located in a high-traffic area with a favorable mix of cash-flow stability and embedded value-add potential,” noted Lonnie Vidaurri, chief investment officer of Primestor. “Esplanade is a perfect fit for the investment strategy of Primestor, as well as our co-investors with 130,000 permanent residents living nearby, of which 68% are Latino and 52% are under 35 years of age.”
Headquarter in Los Angeles, Primestor has invested more than $1B in urban, mixed-use real estate and continues to focus on its community-oriented business model centered on local economic empowerment of underinvested, minority neighborhoods via local job creation, local sales tax generation and catalytic infrastructure improvements.
“This acquisition represents an exciting expansion of our investments beyond the greater Los Angeles area into a growing market,” added Alán Sneider, VP of acquisitions for Primestor. “Key to our success will be Primestor’s expertise in collaborating with community stakeholders and tenants to curate to the needs and desires of the community.” Rhiana Lindsey, Primestor’s director of leasing, continued, “Our tenants are a vital component of our ongoing community engagement process and help make our properties an inviting place to shop and be entertained.”
DRA Advisors purchased the shopping center back in 2018 for $95M. This marks DRA Advisors’ third recent retail disposition, having sold off two properties in the Chicago MSA earlier this year.
