Newmark Capital Markets has announced the sale of Esplanade Shopping Center, a 488,867-square-foot regional shopping center located at 195 W. Esplanade Drive in Oxnard, CA. The 92.3 percent occupied center offers a curated mix of best-in-class retailers including Nordstrom Rack, Walmart Neighborhood Market, TJ Maxx, Staples, Dicks Sporting Goods, Cost Plus, Home Depot (NAP), among others.
Newmark Capital Markets Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller, Associate Director Matthew Schwartz represented the seller Brixmor Property Group in the transaction to the buyer G&I IX Esplanade Property L.P. Newmark Executive Managing Director David Milestone and Managing Director Brett Green represented the buyer in securing financing.
“The majority of the tenants in the center are the top operators in their respective categories. The strong sales reported by the retailers and restaurants validate the strength and attraction of the location and trade area,” said Miller. “Retail remains strong in the Oxnard submarket with a 4.4 percent vacancy rate and positive net absorption through the first half of 2018. In the case of Esplanade, the buyer was attracted to the prominence and success of the shopping center in addition to the top-tier tenant mix.”
Esplanade also includes a collection of quick-service and sit-down restaurants including BJ’s Restaurant, Blaze Pizza, In-N-Out Burgers, Pick Up Stix, Jamba Juice and Starbucks. The center is supported by a dense and affluent population base including more than 278,000 residents with average household incomes exceeding $86,000 within a five-mile radius. Esplanade is considered the premier regional shopping center serving the Ventura County coastal market. The center has outstanding freeway identity with more than 3,100 feet of frontage along Highway 101 and multiple access points off Highway 101 at Oxnard Blvd and Vineyard Avenue.
“Oxnard continues to experience significant residential growth due to its compelling cost of living and coastal lifestyle. There are over 2,600 housing units in some stage of development or planning that is certain to fuel the continued success of the Esplanade,” Miller added.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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