A unit of Wells Fargo Bank has signed preliminary agreements to sell 18 of the 25 buildings that the bank took over in TOLD Corp.'s sprawling Channel Islands Business Center in Oxnard.
A group of developers and investors agreed last week to purchase 12 of the buildings on Pacific Avenue near Pacific Coast Highway, said Paul Farry of TOLD Partners. His brokerage represents Wells Fargo's wholly owned subsidiary, ATC Realty Sixteen, in marketing the properties.
The structures, totaling 160,000 square feet, are industrial, multi-tenant buildings except for one zoned for retail use. The buildings are 72% occupied, Farry said. In addition, six other Channel Islands structures totaling slightly more than 100,000 square feet are being sold to various groups and individuals, he said.
Farry declined to disclose the buyers or the purchase prices, but said, "The prices are pretty good. There isn't the lack of strength in the market that some people would have you believe."
The original asking price for all 25 buildings and 87 undeveloped acres owned by the bank was $29.5 million, with the total rising to $31.8 million if the properties are broken up into groups.
The deals have not yet gone into escrow, but preliminary contracts have been signed. Farry expects escrow on all the purchases to close early next year.
He added that he expects the sale soon of the park's twin office buildings, totaling 72,000 square feet.
Fifty-six buildings were erected in the Channel Islands center, a 225-acre project begun in the mid-1980s by TOLD's president, John B. (Jack) Gilbert. The ambitious, campus-like complex was widely praised for its design and technology, but fell victim to slow sales and delinquent rent payments as the recession deepened.
TOLD Partners was formed by former employees of TOLD Corp. but is not connected with the development firm.