Village Shopping Center Fetches $23M

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.