Sales  ·  Retail

IRA Capital Sells SoCal Retail Center for $66M

Aribo Corporation acquired the retail property in a 1031 exchange.

reprints


The owners of a 157,322-square-foot shopping center in Ventura, Calif., have unloaded the property for $66 million.

Newmark (NMRK) announced that private equity firm IRA Capital sold Poinsettia Plaza, but did not disclose the name of the buyer. However, a source familiar with the deal told Commercial Observer that Aribo Corporation acquired the retail property in a 1031 exchange.

SEE ALSO: Watch Shop Avi & Co. Buys Former Playboy Club for $27M in Foreclosure Auction

Poinsettia Plaza is 96.5 percent occupied by tenants including Ross, Office Depot, Petco, FedEx and Lamps Plus. Additionally, Aldi recently signed a long-term lease. The shopping center is at 4220-4360 East Main Street and 4687-4731 Telephone Road, near the junction of the 101 Freeway and Highway 126.

Newmark’s Pete Bethea, Rob Ippolito and Glenn Rudy represented IRA Capital. The Irvine-based firm acquired a Beverly Hills office building leased to event promoter Live Nation Entertainment for $153.2 million in 2021, and also has an expansive health care real estate portfolio in Southern California. 

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.