Oxnard Union High School District and Rio School District have partnered to buy a 115,612-square-foot office building for nearly $13.8 million, according to a Lee & Associates-LA North/Ventura.
Lee Principal David Kim and President Mike Tingus, who represented the two school districts along with Joel Kirschenstein, president of Sage Realty Group, negotiated the deal on behalf of the buyers. Fred Ferro of NAI Capital in Ventura County represented the seller, Thatch Inc.
The property will be utilized as administrative headquarters for both school districts. Oxnard Union High School District will own 70 percent of the building, located at 1800 Solar Drive, and will occupy the first two floors.
Rio School District will own a 30 percent share and occupy the third floor.
“There is so little office inventory available in the city of Oxnard that our search took nearly a year,” Kim said in a statement. “When we identified this property, it was larger than the Oxnard Union High School District required, but it presented an ideal opportunity for the two school districts to share the building.”
Oxnard Union serves high school students in Oxnard and Camarillo. Rio School District serves elementary schools in North Oxnard and El Rio.
In addition to some tenant improvements, Oxnard Union High School District will convert space for its adult education and other programs in the building.