A 76,070-square-foot grocery-anchored neighborhood shopping center at 5688 Telephone Road in Ventura has been brought to market. The property, known as Ventura Village, is offered at an asking price of $33.71 million, or approximately $443 per square foot. CBRE is managing the listing, noting that Ventura Village is 98 percent occupied and is anchored by Vons, a supermarket that has operated at this location since 1984.
According to the marketing brochure, Vons is a wholly owned subsidiary of Albertsons Companies, Inc., one of the largest food and drug retailers in the United States. Albertsons operates 2,270 retail stores nationwide along with 1,728 in-store pharmacies and has a current market capitalization of $13 billion and annual revenue of $80 billion. The company holds an S&P rating of BB+. Offering materials suggest that 76 percent of the existing gross leasable area has been occupied by tenants for more than 13 years, reflecting a pattern of long-term tenancy. The property is being marketed with a cap rate of six percent, with the net operating income projected to increase by more than $618,000 over the expected hold period, driven by lease escalations, lease-up of the remaining vacancy, and existing leases adjusting to market levels upon renewal.
The shopping center is located along S. Victoria Avenue and Telephone Road, with reported daily traffic counts of approximately 46,000 and 28,000 cars, respectively. Demographic data cited in marketing materials notes that nearly 87,000 residents live within a three-mile radius of the property, with average household incomes exceeding $141,000 and average disposable incomes over $100,000 annually.
CBRE’s Jimmy Slusher, James Tyrrell, and Megan Lani are handling the listing.
According to CBRE’s Q1 2025 retail market report, the broader Los Angeles area closed the quarter with a retail availability rate of 6.1 percent, a slight increase from 5.9 percent in the previous quarter. The market recorded negative net absorption of 507,000 square feet in the first quarter, compared to positive absorption of 99,000 square feet in Q4 2024. New retail deliveries totaled 127,000 square feet during the first quarter, up from 40,000 square feet the prior quarter. The overall average net asking rent stood at $2.99 per square foot at the end of Q1. Retail investment sales volume totaled $337.7 million for the period, down from $567.9 million in Q4 2024.
