VENTURA, CA—Regency Centers has sold theVentura Village Shopping Center to a privateinvestor for $23.3 million. The shopping centerhas 76,060 square feet of rentable retail spaceand is anchored by a Vons grocery store, which was included in thesale. This is the first time the property has traded hands in 20years.

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According to Mark Lucescu, president ofLucescu Realty, who represented both the buyer andseller in the transaction, the listing drew tremendous interestfrom potential buyers, ranging from family investors to foreigninvestors. “We had 20-plus offers from a complete spectrum ofbuyers, including pension funds, REITs and high net worthindividuals. In addition to the high occupancy and location near anactive intersection, the property also drew interest because it isanchored by a grocery store.

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Although they had several offers, this buyer purchased theproperty with all cash, and was both credible and qualified to makethe purchase. “This grocery-anchored center is located in a strongcoastal Southern California market with huge barriers to entry. Theproperty sits on a very busy corner in an infill location, and waspurchased below replacement cost,” adds Lucescu.

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Set on a 6-acre parcel, the property is 93% leased to a tenantmix that includes Fantastic Sams, PapaJohn's Pizza and Subway. “Low interestrates and high buyer demands have created favorable marketconditions for a seller to take their proceeds and redeploy intoother opportunities,” Lucescu says about the sellers' reason forselling in this market. The Vons anchor grocery store occupies42,000 square feet in the shopping center. It is located in a veryactive submarket on Victoria Avenue and Telegraph Road, and has anaverage household income of $92,959 within a three-mile radius.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.