OXNARD, CA—Loja Real Estate LLC, an affiliate of the Loja Group, has acquired a Vallarta Supermarket-anchored shopping center for $20 million from Oxnard Vineyard LLC, GlobeSt.com reports exclusively. The 102,711-square-foot shopping center was 98% leased at the time of the sale. Loja Real Estate purchased the center with cash.
The grocer will serve the highly Hispanic demographic in the area, which helped to attract the buyer to the property. “The buyers are making a push to add Hispanic grocery-anchored retail to their portfolio because the Hispanic population has such a strong buying power,” Brad Baskin, a broker with Orbell Investment Group of BRC Advisors Inc., tells GlobeSt.com. “In 2010, Hispanic buying power was estimated to be $1 trillion. Now, Hispanic buying power is estimated to climb to $1.5 trillion by 2015. That is a 50% increase in five years, which is astronomical.” Baskin and Orbell Investment Group brokers Orbell Ovaness and Artin Sepanian represented the buyer and the seller in the transaction. Read Exclusive Full ArticleBack to list