Oxnard's Esplanade Shopping Center sells for $90M

Oxnard’s Esplanade Shopping Center has been sold for $90 million.

Primestor Development, a Los Angeles-based real estate agency, purchased the 357,000-square-foot outdoor mall for its prime location near the up-and-coming Wagon Wheel community and other shopping centers, according to a news release.

Primestor purchased the property late last month through several limited liability companies, Ventura County property records show.

The Esplanade — located near Highway 101 and Oxnard Boulevard — has a 94% occupancy rate, said Alán Sneider, Primestor's vice president of acquisitions. Only two storefronts are currently vacant, though the company is in talks with big-name potential leasers, he said.

No major changes are planned for the center, Sneider said, but Primestor will help it create an identity for itself and integrate it into the community.

City Councilman Gabe Teran, who represents District 2 where the Esplanade is located, noted the property’s businesses have continued to strive while other companies, like 99 Cent Only Stores , are closing their doors.

“We’re not immune to the ups and downs of the economy, but I’m glad our commercial presence in the Esplanade is staying viable," Teran said.

The Esplanade is home to several large retailers, including Dick’s Sporting Goods, Walmart Neighborhood Market, and Home Depot. TJ Maxx, Nordstrom Rack, Boot Barn, Staples, and Oxnard’s sole In-N-Out Burger are also in the shopping center.

Crosby Slaught, director of leasing and acquisitions with Investec Real Estate, said the company was part of the ownership group that sold the Esplanade. The property was sold through a limited partnership, county records show. Investec, a Santa Barbara-based real estate agency , purchased the property via the limited partnership in late 2018.

Brian J. Varela covers Oxnard, Port Hueneme and Camarillo. He can be reached at brian.varela@vcstar.com or 805-477-8014. You can also find him on Twitter @BrianVarela805 .

This article originally appeared on Ventura County Star: Oxnard's Esplanade Shopping Center sells for $90M