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Friday, Jan 27, 2023
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Ventura County Office Building Sold for $2.1 Million

A 15,800-square-foot office building in Ventura County has sold for nearly $2.1 million. Brokerage NAI Capital transacted the deal. The buyer, 7707 LLC, was represented by Senior Vice President Steve Doll at NAI Capital’s Ventura County office. NAI Capital’s Investment Services Group’s Bill Kiefer and Michael Schiff represented seller H&M Properties. Located at 877 S. Victoria Ave. near the Ventura County Government Center in Ventura, the multitenant two-story office building stands on a 47,480-square-foot lot. The site has convenient access to the 101 Freeway and Highway 126. “We are still seeing strong demand from investors to purchase value-add office buildings in desirable locations,” Kiefer said in a statement. “Good product is in short supply. Among the two dozen professional office buildings that comprise the Mid-Ventura, Victoria Avenue Corridor, the current vacancy rate is 12 to 14 percent on more than 600,000 square feet of inventory. This is separate from the nearly 750,000 square feet of nearby buildings owned and occupied by the County of Ventura.” The project was 70 percent leased at the time of the sale with short term leases. According to NAI Capital, the new owner intends to give the asset considerable building and tenant improvement upgrades.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.
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