Oxnard, CA —- Primestor Development (Primestor), a leading minority-owned and led real estate development and investment firm based in Los Angeles, has announced the $90 million acquisition of the Esplanade Shopping Center, a 357,000-square-foot grocery-anchored retail community center in the coastal city of Oxnard, CA.
“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,” noted Lonnie Vidaurri, Chief Investment Officer 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.”
“This acquisition represents an exciting expansion of our investments beyond the greater Los Angeles area into a growing market,” added Alán Sneider, VP of Acquisitions for Primestor. “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.”
Rhiana Lindsey, Primestor’s Director of Leasing, continued, “Our tenants are a vital component of our ongoing community engagement process and help make our properties an inviting place to shop and be entertained.”
With Esplanade’s occupancy at 94%, the popular retail center features anchor stores such as Home Depot (NAP), Nordstrom Rack Staples, Dick’s Sporting Goods, TJ Maxx, and Walmart Neighborhood Market. Other tenants include Cost Plus World Market, Tilly’s, Boot Barn, In ‘n Out Burger, BJ’s Brewery and Restaurant, and more.
To date, Primestor has invested more than $1 billion in urban, mixed-use real estate and continues to carry out its unique community-oriented business model centered on local economic empowerment of underinvested, minority neighborhoods via local job creation, local sales tax generation, and catalytic infrastructure improvements. The company’s long-standing community engagement process is further underscored by its partnerships with local governments, community organizations, national credit tenants, and local stakeholders.
