Newmark Arranges $66 Million Sale of Poinsettia Plaza in Ventura, California

February 3, 2023 9:00 AM

Newmark[1] announces it has completed the sale of Poinsettia Plaza, a 157,322-square-foot shopping center in Ventura, California. The asset traded for $66 million.

Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller, IRA Capital.

“The sale of Poinsettia Plaza represents another impeccable execution by IRA Capital,” said Ippolito. “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.”

Located at 4220-4360 E. Main Street and 4687-4731 Telephone Road, Poinsettia Plaza was 96.5% occupied at the time of sale to a credit tenant roster averaging over 20 years of tenure. Anchor tenants include Ross, Office Depot, Petco, FedEx and Lamps Plus—all of which have been tenants since the center opened—and Aldi who recently signed a long-term lease. Recent renovations to the property include modernization of existing facades, new landscaping, parking lot including slurry and striping, and signage.

Ventura Plaza is located in the epicenter of the of the high-growth Ventura County, just three miles from destination Ventura beaches and the Ventura Harbor. The center is proximate to four major thoroughfares, including the 101 Freeway, Highway 126, Main Street and Telephone Road, with traffic counts of over 469,000 vehicles per day. The property features six total ingress/egress, with two entry drives each along Donlon Street, Main Street and Telephone Road.

According to Newmark Research, retail was the only sector to increase investment sales year-over-year. Investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter in the third quarter of 2022. Even so, it was the second best third quarter on record.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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