Specialty Retail Shopping Center at "Main & Main" Retail Node Boasts High Retention
Cushman & Wakefield, a global leader in commercial real estate services, announced today that Poinsettia Plaza, a ±153,200 square foot specialty retail shopping center in Ventura, CA has sold for $50 million. IRA Capital Advisors, LLC acquired the asset from Poinsettia Plaza, LLC. 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. Spanning the addresses of 4220 through 4360 E. Main Street & 4687 through 4731 Telephone Road, Poinsettia Plaza is strategically positioned at a dominant location just off U.S. Highway 101 at the intersection of these two major arterials. As the largest retail node in the City of Ventura, the location is considered a prime “Main & Main” type intersection averaging 62,000 cars per day. Further adding to its desirability, the property sits just three miles from the Pacific Ocean.
Mr. 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.” He added, “With the changing face of retail, the currently available influx of capital and creativity provides existing long-term owners the ability to exit well-located properties at very good price points without the risk, burden and expense of reconfiguring centers to meet the constantly evolving needs of the retail sector.”
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. The majority of the two dozen retailers currently operating in the center have been tenants for 10 years or more, while all of the anchors; Ross, Office Depot, Petco and Lamps Plus, have been tenants since the center opened in 1986.
Mr. Walker said, “An extremely high retention rate further substantiates the strength of the center’s location, as nearly 60 percent of the gross leasable area (GLA) has been located at the center for 20 years or more.”
Click hereto access a photo of Poinsettia Plaza. Click here to access a photo of Mr. Walker. Click here to access a photo of Mr. Simpson.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter
