July 14, 2016
Irvine, CA-based IRA Capital Advisors, LLC acquired Poinsettia Plaza, a 153,200-square-foot, 84% leased specialty retail shopping center in Ventura, CA for $50 million.
The majority of its two dozen retailers have been tenants for 10 or more years, while all of the anchors, Ross, Office Depot, Petco and Lamps Plus, have been there since the center opened in 1986.
Cushman & Wakefield’s Dixie Walker and Charley Simpson, a Retail Services team based in Irvine, CA, represented the seller, Poinsettia Plaza, LLC, in the transaction. The buyer was self-represented.
Walker says existing long-term owners today have “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.”
For comments, questions or concerns, please contact Dennis Kaiser