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11/23/12
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The three-building, 111k sf City Center office property in the city of Ventura sold for $15.5 mil, or about $140/sf. Located at 5700, 5720 and 5740 Ralston St, approximately one mile from the 126 and 101 Freeways near the Victoria Ave exit, the property was purchased by the Ghaemmaghami family.
The property was sold by CT Realty, who acquired the 5.6-acre property known as the Ventura Professional Center in 2008. CT made significant capital improvements to reposition and rebrand it as “The City Center.” Large, unoccupied suites at the property were demised into units of 3k sf or less to appeal to smaller, service-oriented tenants that represented a large percentage of the market. The company also replaced HVAC units, upgraded landscaping, replaced parking lot lighting, repaired window soffits, painted exteriors, and updated interior corridors and lobby areas.
The property is currently at 95 percent occupancy. Major tenants include Crowell Weedon, ReMax Gold Coast Partners and the County of Ventura.
According to James “Watty” Watson, president and CEO of CT Realty, “City Center was transformed into one of the most desirable business locations in the region through an aggressive renovation program, typifying CT’s strategy of acquiring under-valued yet well-located properties and repositioning them to compete in the current marketplace.”
CT Realty was represented in the investment transaction by Mark Perry and Carlene O’Neill of CBRE’s office in Camarillo, with CBRE’s Bill Clark and John La Spada serving as the leasing brokers for the property. Timothy Foutz of NAI Capital’s Encino office represented the buyer, 5700/5720/5740 Ralston Street.
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