Newmark announces it has completed the sale of Poinsettia Plaza, a 157,322-square-foot shopping center in Ventura, California. The asset traded for $66 million.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller, IRA Capital.
“The sale of Poinsettia Plaza represents another impeccable execution by IRA Capital,” said
Ippolito. “The IRA team understands transactions like no other and was able to navigate a difficult market with flying colors. It was an honor to represent them.”
Located at 4220-4360 E. Main Street and 4687-4731 Telephone Road, Poinsettia Plaza was
96.5% occupied at the time of sale to a credit tenant roster averaging over 20 years of tenure. Anchor tenants include Ross, Office Depot, Petco, FedEx and Lamps Plus—all of which have been tenants since the center opened—and Aldi who recently signed a long-term lease. Recent renovations to the property include modernization of existing facades, new landscaping, parking lot including slurry and striping, and signage.
Ventura Plaza is located in the epicenter of the of the high-growth Ventura County, just three miles from destination Ventura beaches and the Ventura Harbor. The center is proximate to four major thoroughfares, including the 101 Freeway, Highway 126, Main Street and Telephone Road, with traffic counts of over 469,000 vehicles per day. The property features six total ingress/egress, with two entry drives each along Donlon Street, Main Street and Telephone
According to Newmark Research, retail was the only sector to increase investment sales year-over-year. Investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter in the third quarter of 2022. Even so, it was the second best third quarter on record.