IRA Capital Sells Socal Retail Center for $66 Million

Ventura, California - The owners of a 157,322-square-foot shopping center in Ventura, Calif., have unloaded the property for $66 million.Newmark announced that private equity firm IRA Capital sold Poinsettia Plaza, but did not disclose the name of the buyer. However, a source familiar with the deal told Commercial Observer that Aribo Corporation acquired the retail property in a 1031 exchange.Poinsettia Plaza is 96.5 percent occupied by tenants including Ross, Office Depot, Petco, FedEx and Lamps Plus. Additionally, Aldi recently signed a long-term lease. The shopping center is at 4220-4360 East Main Street and 4687-4731 Telephone Road, near the junction of the 101 Freeway and Highway 126.Newmark’s Pete Bethea, Rob Ippolito and Glenn Rudy represented IRA Capital. The Irvine-based firm acquired a Beverly Hills office building leased to event promoter Live Nation Entertainment for $153.2 million in 2021, and also has an expansive health care real estate portfolio in Southern California.

Source:  Commercial Observer