CoSTAR GROUP Article

153,200-SF Poinsettia Plaza in Ventura Sells for $50 Million

IRA Capital Buys Specialty Retail Shopping Center

 

By Mark Heschmeyer | July 7, 2016

 

IRA Capital Advisors acquired Poinsettia Plaza, a ±153,200 square foot specialty retail shopping center in Ventura, CA, for $50 million (about $297/square foot).

IRA Capital of Newport Beach, CA, acquired the assets from Poinsettia Plaza LLC.

Spanning the addresses of 4220 through 4360 E. Main St. and 4687 through 4731 Telephone Road, Poinsettia Plaza is strategically positioned at a dominant location just off U.S. Highway 101. The location is considered a prime “Main & Main” type intersection averaging 62,000 cars per day.

Dixie Walker and Charley Simpson with Cushman & Wakefield’s Retail Services group in Irvine (Orange County) represented the seller in the transaction. The buyer 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.”

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.

For more information, see CoStar Sale Comp ID: 3642217

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