Lucescu Realty sells Ventura Village Shopping Center in Ventura, California

Newport Beach, Calif. -- Mark Lucescu, president of Lucescu Realty, announced the sale of Ventura Village Shopping Center in Ventura, California, for $23.25 million.



Lucescu exclusively represented the interests of the seller, Regency Centers, a publicly traded real estate investment trust, headquartered in Jacksonville, Florida. In addition to representing Regency Centers in the sale, Lucescu also procured the buyer, a private company.



Ventura Village is an approximate 76,060-sq.-ft. neighborhood shopping center, anchored by Vons Grocery. Vons, which was included as part of the sale, has been operating at this location since 1986. Vons occupies 42,500 sq. ft. of GLA on a long-term lease with fixed rental escalations throughout the primary and option terms. Additional tenants include Fantastic Sams, Papa John’s Pizza and Subway.



“It's an institutional quality piece of real estate, owned and managed for almost 20 years by one of the premier real estate investment companies in the U.S.,” noted Lucescu. “We had a very strong response from the investor community when we first brought the property to market and received interest from the full spectrum of buyers," Lucescu further commented. “Grocery anchored centers in coastal Southern California at less than replacement cost are very difficult to find.