VENTURA, CA—Regency Centers has sold the Ventura Village Shopping Center to a private investor for $23.3 million. The shopping center has 76,060 square feet of rentable retail space and is anchored by a Vons grocery store, which was included in the sale. This is the first time the property has traded hands in 20 years.

According to Mark Lucescu, president of Lucescu Realty, who represented both the buyer and seller in the transaction, the listing drew tremendous interest from potential buyers, ranging from family investors to foreign investors. “We had 20-plus offers from a complete spectrum of buyers, including pension funds, REITs and high net worth individuals. In addition to the high occupancy and location near an active intersection, the property also drew interest because it is anchored by a grocery store.

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

Set on a 6-acre parcel, the property is 93% leased to a tenant mix that includes Fantastic Sams, Papa John's Pizza and Subway. “Low interest rates and high buyer demands have created favorable market conditions for a seller to take their proceeds and redeploy into other opportunities,” Lucescu says about the sellers' reason for selling in this market. The Vons anchor grocery store occupies 42,000 square feet in the shopping center. It is located in a very active submarket on Victoria Avenue and Telegraph Road, and has an average household income of $92,959 within a three-mile radius.