Primestor Development acquires new open-air center

Los Angeles-based real estate development and investment firm Primestor Development has added a major property to its portfolio.

The company has announced the $90 million acquisition of the Esplanade Shopping Center, a 357,000-sq.-ft. grocery-anchored community center in the coastal city of Oxnard, Calif., located between Santa Barbara and Los Angeles.

Esplanade is located in a densely populated neighborhood of 130,000 residents, of which 68% are Latino and 52% are under 35 years of age.

“This acquisition represents an expansion of our investments beyond the greater Los Angeles area into a growing market,” said 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.”

Home Depot, Nordstrom Rack, and Dick’s Sporting Goods are the lead anchors at Esplanade, whose other tenats include TJ Maxx, Walmart Neighborhood Market, Staples Cost Plus World Market, Tillys, Boot Barn, In-N-Out Burger, and BJ's Brewery The property posts a 94% occupancy rate.

“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,” added Rhiana Lindsey, Primestor’s director of leasing.

Founded in 1991, Primestor has invested more than $1 billion to date in urban, mixed-use real estate predominantly in the Western United States. The firm currently has 10 active open-air properties, with all but two (in Phoenix and Las Vegas) located in California.