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4/08/20
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A 15.8k sf office building in Ventura sold for $2.09 mil, or $132/sf. The building is located at 877 S. Victoria Ave, next to the Ventura County Government Center, with convenient access to the 101 Fwy and Hwy 126.
Built in 1978, the property is a multi-tenant, two-story office building situated on a 47.5k sf lot. The building has abundant parking and is within a short walking distance of the Ventura County Government Center and numerous retail amenities. The project was 70% leased at the time of the sale with short term leases. Considerable building and tenant improvement upgrades are anticipated by the new owner.
Bill Kiefer and Michael Schiff with NAI Capital represented the seller, H & M Properties, in the transaction. The buyer, 7707 LLC, was repped by Steve Doll, also with NAI Capital.
“We are still seeing strong demand from investors to purchase value-ad office buildings in desirable locations. Good product is in short supply,” noted Kiefer. “Among the two dozen professional office buildings that comprise the Mid-Ventura, Victoria Avenue Corridor, the current vacancy rate is 12% to 14% on more than 600k sf of inventory. This is separate from the nearly 750k sf of nearby buildings owned and occupied by the County of Ventura.”
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