65-Year-Old Southern California Retail Center Changes Hands

Rhino Investments Group, a commercial real estate investment firm, announced the acquisition of Pleasant Valley Plaza, a grocery-anchored shopping center in Oxnard, California.

The acquisition closed on December 30, 2025, and aligns with Rhino Investments’ focus on necessity-based retail assets.

Pleasant Valley Plaza sits on 7.93 acres at the signalized intersection of Pleasant Valley Road and Saviers Road and covers approximately 81,128 square feet, the firm said in a statement. The corridor sees an average daily traffic volume of about 38,000 vehicles.

The shopping center is anchored by La Plaza Meat Market, a regional Hispanic grocer with 10 locations, which signed a new 10-year lease beginning in 2025, the statement noted.

While Rhino Investments did not officially disclose the acquisition price, Hanley Investment Group Real Estate Advisors, a real estate brokerage and advisory firm, confirmed in a statement that Pleasant Valley Plaza was sold for $20.32 million. 

Hanley Investment Group represented the seller, a private partnership based in Los Angeles. 

Originally built in 1961, Pleasant Valley Plaza was renovated in 2022, and was 95% leased at the time of the sale, Hanley Investment Group said. 

The shopping center serves about 151,000 residents and an average household income of $115,000 within a five-mile radius, Hanley Investment Group said. 

About 70% of the tenants at the shopping center have operated their shops since at least 2018, reflecting a steady and stable tenant base. 

In addition to its current performance potential, Pleasant Valley Plaza offers more development opportunities for Rhino Investments. 

The property has entitlements supporting at least three single-tenant outparcels, according to Rhino Investments. The site configuration features an 8.38 parking ratio per 1,000 sq. ft. and a contiguous layout.

Rhino Investments acquired Pleasant Valley Plaza at a price below the estimated replacement cost, the company said in the statement. 

The surrounding area includes demographic and economic contributors, such as a significant Hispanic population, proximity to the Port of Hueneme, and Naval Base Ventura County. All these factors support regional employment and economic growth, according to the statement. 

The acquisition aligns with Rhino Investment’s strategy of investing in “necessity-based, grocery-anchored retail centers” which have strong tenancy, embedded growth, and long-term relevance within their communities, said Rhino Investments Group CEO Sanjiv Chopra. 

“Pleasant Valley Plaza combines stable current income with multiple avenues for future upside in a high-barrier Southern California coastal market,” Chopra said. 

Rhino Investments currently has retail-based and commercial assets across select markets in the country. The firm focuses on disciplines acquisitions, active asset management, and long-term value creation.