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.

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.

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.