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5/20/19
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An investment firm out of Cleveland, OH paid $15.6 mil for Mission Oaks Business Park, a 79.5k sf ($196/sf), multi-tenant office building in Camarillo. The building sits on 4.27 acres at 5141-5171 Verdugo Way, north of the 101 Fwy and east of Santa Rosa Rd.
Mission Oaks Business Park is currently occupied by County of Ventura, with a 10-year lease in place, along with other credit-worthy tenants such as Northrop Grumman. The property is well-located at the bottom of the Camarillo grade off the 101 Fwy and in an area of Ventura County that is rapidly being redeveloped with new townhomes, multifamily, and industrial projects. It is also near to local retail amenities and to the Port of Hueneme and the Naval Base in Point Mugu.
Jeff Gould, CCIM, LEED AP, with Lineage Asset Advisors represented the seller, 5141 Verdugo Way Associates LLC, a CA-based corporation. The buyer repped themselves in the transaction. Lineage also worked with seller to negotiate the recent lease extension with the County, which included building upgrades and tenant improvements such as energy efficient lighting.
According to Gould, “Mission Oaks Business Park is a well-positioned asset for the current and future economy with a diverse and stable income stream that is made up of credit-worthy government, tech and defense-oriented tenants. Investors that are acquiring suburban office buildings are increasingly focusing on quality, credit, and value with these assets.
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