Aldi-Anchored Ventura Shopping Center Trades for $66M
Newmark has completed the disposition of Poinsettia Plaza, a 157,000-square-foot shopping center in Ventura, CA. The firm’s Pete Bethea, Rob Ippolito and Glenn Rudy represented the seller, IRA Capital in the $66 million transaction with an undisclosed buyer.
Located at 4220 E. Main St., Poinsettia Plaza was 96% occupied at the time of sale to a credit tenant roster including Aldi, who recently signed a long-term lease, Ross, Office Depot, Petco, FedEx and Lamps Plus. The property was recently renovated with new facades, landscaping and signage and the center is proximate to four major thoroughfares with traffic counts of nearly 500,000 vehicles a day.
“The sale of Poinsettia Plaza represents another impeccable execution by IRA Capital,” said Ippolito in a news release. “The IRA team understands transactions like no other and was able to navigate a difficult market with flying colors. It was an honor to represent them.”