SoCal Retail Center Trades for Less Than Its 2018 Value

Los Angeles-based Primestor Development is expanding its retail portfolio in Southern California. 

The minority-owned development and investment firm announced it put down $90 million to acquire a 357,000-square-foot, grocery-anchored retail center in the coastal city of Oxnard, Calif. The asset is 94 percent leased. New York-based DRA Advisors last acquired the property for $95 million in 2018.

The open-air Esplanade Shopping Center is at 195 West Esplanade Drive. The tenancy features Home Depot, Nordstrom Rack, Dick’s Sporting Goods, TJ Maxx, Walmart, Cost Plus World Market, In ‘n Out Burger, and BJ’s Brewery and Restaurant.

In addition to a portfolio of similarly styled retail properties, Primestor also has an active pipeline of mixed-use projects in the region. A year ago, the firm raised $165 million to build more multifamily and retail projects near public transportation stops.

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