Primestor Snaps Up Oxnard Community Center for $90M

Primestor Development, a minority-owned and led real estate development and investment firm based in Los Angeles, acquired Esplanade Shopping Center, a 357,000-square-foot grocery-anchored retail community center in Oxnard, for $90 million. Anchor tenants include Home Depot, Nordstrom Rack Staples, Dick’s Sporting Goods, TJ Maxx and Walmart Neighborhood Market.

“The Esplanade Shopping Center provides the opportunity to acquire a 94% leased, institutional-quality, necessity retail asset located in a high-traffic area with a favorable mix of cash flow stability and embedded value-add potential,” said Lonnie Vidaurri, CIO of Primestor. “Esplanade is a perfect fit for the investment strategy of Primestor as well as our co-investors with 130,000 permanent residents living nearby, of which 68% are Latino and 52% are under 35 years of age.”

Added Alán Sneider, VP of acquisitions for Primestor, “This acquisition represents an exciting expansion of our investments beyond the greater Los Angeles area into a growing market. Key to our success will be Primestor’s expertise in collaborating with community stakeholders and tenants to curate to the needs and desires of the community.”

Join 500+ owners, investors, developers, brokers, financiers and more at Connect Los Angeles 2024 on May 1 at the InterContinental Los Angeles Downtown. Register now to catch insights and forecasts on today’s CRE markets from SoCal and National industry leaders.