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Lee & Associates-LA North/Ventura Transacts a 20,740-Square-Foot Office Investment Sale

08/25/2014

Property Attracted Six Offers and Sold at $3,250,000


OXNARD, CA – Aug. 5, 2014 –
A leased office investment at 1555 West 5th Street in Oxnard has sold to a private investor for $3,250,000, according to John Battle SIOR, a Lee principal who represented the seller with Lee’s John Ochoa SIOR.

The Lee brokers, who represented PAC II Venture, LP, a private investor, received about six offers on the property, totaling 20,740 square feet, and executed the sale at very close to the listing price.  It was 97 percent leased at the time, with the California Department of Probation occupying about 55 percent of the space.

“Although the major tenant’s lease is coming up for renewal shortly, the state agency had occupied the property for over 20 years, so the buyer was confident that the lease would remain in place into the foreseeable future,” Battle said.

The buyer, Brinkmanent LLC, was represented by Larry Margo of Berkshire Hathaway.

The property consists of two stories served by an elevator with abundant surface parking. It is located in close proximity to numerous retail and restaurant amenities and services.

08/05/2014 - 09:00

Source

Lee & Associates

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