Abbey Co. Purchases Oxnard Retail Center

The Abbey Co., an owner-operator of retail, commercial and industrial properties, has purchased a commercial retail center in Oxnard from the John Hancock Mutual Life Insurance Co.

The acquisition follows Abbey’s announcement last month of its partnership with Rodamco, North America, which acquired 65% of the firm’s common stock through an investment of $125 million.

In its first move into Ventura County, Abbey acquired Vineyard Plaza, a 64,400-square-foot retail project at Oxnard Boulevard and Vineyard Avenue. Company officials said that more than 50,000 cars pass the 5 1/2-acre site each day.

The property will be upgraded with new signs, lighting, landscaping, improved access, individually targeted leasing and marketing programs and on-site management, according to Brett S. Albrecht, vice president for asset management.

Now being renamed Oxnard Commerce Center, the 10-year-old community shopping center features a variety of retailers, restaurants and service establishments. Two of the county’s largest multi-tenant office complexes are nearby, and 1,000 new homes are under construction within two miles, Abbey officials noted.

“Our objective is to reposition this asset to enhance its identity along this very busy street,” Albrecht said.