It is possible that some investors haven’t gotten the memo about trouble in the retail market—or maybe they just don’t believe the gossip. Despite all the talk, the Southern California retail market is still seeing strong competition, even in outlying markets, like Oxnard. Investec Real Estate Companies is particularly bullish on the Southern California and coastal retail market. The firm recently acquired the 356,864-square-foot The Esplanade Shopping Center in Oxnard, and said that competition for the asset—as is often the case in Southern California—was tight.
“We find the Oxnard retail submarket and The Esplanade Shopping Center so attractive because of the great demographics in Oxnard and the surrounding Ventura County, the fantastic tenant mix and the proximity to our other properties,” Kenneth Slaught, president of Investec, tells GlobeSt.com. “The Esplanade Center in Oxnard fits right into our sweet spot geographically. This property is located just across the river from Ventura and a mere 6 miles from Camarillo, plus it has the benefit of being strategically located along the 101 Freeway. With over 168,000 cars passing daily, it has the visibility and ability to draw from the entire county, which allows us to think not only about the Oxnard retail market, but all of Ventura County.”
The property was a gem for retail investors striking in today’s market. It hit all of the needs: strong tenant mix, with Dick’s Sporting Goods, Walmart Neighborhood Market, Bob’s Discount Furniture, Nordstrom Rack, TJ Maxx, Cost Plus World Market, Party City and Staples serving as anchor tenants, and a A-location. “The first two things we look at when evaluating a center are location and tenant mix,” explains Slaught. “With the location being right in our backyard, we knew the trade area, demographics and draw that this property has.”