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1/25/19
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A vacant, 115.6k sf Class A office building in Oxnard traded in a transaction valued at $13.75 mil, or $119/sf. The buyers were Oxnard Union High School District and Rio School District, who intend to jointly use it for administrative offices, a conference center, and for adult education.
The three-story office building is located at 1800 Solar Dr. It features several high-quality glass and steel construction design elements. The property was built in 1990 and designed by Chevron for its own use, but was never occupied by them.
The property sits within Oxnard’s newer medical office corridor along Gonzales Rd. It is ideally located less than one mile from St. John’s Regional Medical Center. The property has excellent access to U.S. 101, Pacific Coast Highway and Rice Avenue.
The building was vacant at the time of sale but was formerly used as a regional customer service and call center by Verizon, and then Frontier Communications over the last 24 years. It is divisible to multi-tenant configuration.
Fred Ferro with NAI Capital represented the seller, Thatch Inc. David Kim and Mike Tingus with Lee & Associates-LA North/Ventura, along with Joel Kirschenstein of Sage Realty Group Inc, represented the school districts in the acquisition.
“Strong demographics and an excellent location make this property a high-quality asset in a high barrier-to-entry coastal California market,” said Fred. “The buyers were able to upgrade from current, obsolete offices into a more modern building at well below replacement cost.”
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