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NAI Capital Completes $13.75M Office Building Sale in Oxnard, CA

01/24/2019

Los Angeles, CA January 24, 2018 – Vice President Fred Ferro with NAI Capital’s Oxnard office recently completed the sale of a vacant 115,612 square foot class A office building in Oxnard, California. Fred represented the seller, Thatch, Inc. 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 property sold for $13.75M, or $119/SF. No bond funds were used for the purchase. The buyers were represented by David Kim of Lee & Associates and Joel Kirschenstein of Sage Realty.

The three-story office building located at 1800 Solar Drive 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 Road. 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. 

“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.” 

About NAI Capital

NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.

NAI Capital Brokerage CA BRE #01990696.

To learn more, visit www.naicapital.com.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.

To learn more, visit www.naiglobal.com.

          

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Source

NAI Capital

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