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November 28, 2023
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Ventura Office Building Trades in $4.25 Mil Investment Buy


Victoria Office Plaza, a 30.6k sf office building in the city of Ventura, was purchased for $4.25 mil ($139/sf) by Montalvo, Center LLC. The highly visible building is located at 1280 S. Victoria Ave, within walking distance to the Ventura County Government Center.

Victoria Office Plaza enjoys convenient access to the 101 Fwy and Hwy 126. Built in 1982, the property is a multitenant two-story office building situated with subterranean parking. The building has abundant parking, excellent street visibility, monument signage on Victoria Ave and proximity to a myriad of retail amenities. The project was 63% leased at the time of the sale with short term leases. Considerable upgrades to the property are anticipated by the new owner.

Michael Schiff and Bill Kiefer, SIOR, with NAI Capital’s Investment Services Group represented the seller, H & M Properties, in the transaction. The buyer was repped by Steve Doll and Mike Tharp, also with NAI Capital.

“We are still seeing strong demand from investors to purchase value-add office buildings in desirable locations. Good product is in short supply,” said 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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