DRA Advisors has sold an outdoor mall in Oxnard, the seaside city in Ventura County, for $90 million — about 5 percent less than what DRA paid for it in 2018.
Primestor Development bought the 357,000-square-foot Esplanade Shopping Center, located at 151 West Esplanade Drive, the firm announced Monday. The deal came out to $252 a square foot.
New York-based DRA owned the property for nearly six years, paying $95 million, or roughly $266 a square foot, in 2018, according to property records filed with Ventura County. DRA did not respond to a request for comment.
The property is currently 94 percent leased with a number of anchors, including Home Depot, Nordstrom Rack and Staples, according to Primestor.
Though most of Primestor’s portfolio is within Los Angeles County, the firm has expanded to nearby markets, including Orange County and Phoenix.
In L.A., the firm is planning a 4.5 million-square-foot development in Panorama City with residential and commercial space, plus a hotel. The site is currently home to a 312,000-square-foot mall.
The Oxnard mall has “value-add potential,” Primestor Chief Investment Officer Lonnie Vidaurri, said in a statement.
DRA, on the other hand, has spent the past few years trying to offload some of its properties. Last year, the firm hired two brokerages to sell 24 shopping centers, mostly in the Midwest.
Also last year, DRA sold an office campus in L.A.’s Northridge for $171 million, a roughly breakeven price for the firm and its partner Shubin Nadal.
The post DRA Advisors sells Oxnard mall at 5% discount to 2018 purchase appeared first on The Real Deal.
Powered by WPeMatico