Office Buildings Ventura County

Developers with the Sares-Regis Group are feeling pretty good about the commercial real estate market in western Ventura County. They are feeling so good that they are willing to start building office space now, and worry about finding tenants later. In a show of such faith, the Irvine-based company broke ground in Oxnard last week on the first speculative commercial venture west of the Conejo Grade in about 10 years.

Developers with the Sares-Regis Group are feeling pretty good about the commercial real estate market in western Ventura County. They are feeling so good that they are willing to start building office space now, and worry about finding tenants later. In a show of such faith, the Irvine-based company broke ground in Oxnard last week on the first speculative commercial venture west of the Conejo Grade in about 10 years.

Three Ventura County office buildings have reached 100% occupancy, thanks to the signing of several new tenants. One of the structures, the six-story 1000 Town Center Drive building in Oxnard, leased its last available 3,200 square feet to State Farm Insurance Co. The insurance firm took a three-year lease, according to William Kiefer of Capital Commercial Real Estate. Also filled to capacity is a 30,000-square-foot building at 80 Woods Road in Camarillo. New tenants are ERI Corp.

The last two buildings available at Mission Oaks Business Park in Camarillo have been sold to Avia-Dynamics Corp, a manufacturer of airborne electronics. The buildings at 350 and 360 Cortez Circle are 8,048 and 9,408 square feet. CB Richard Ellis represented seller Pardee Construction Co. in the transaction. Avia-Dynamics Corp., which had been located in Moorpark, was represented by Realty Executives-Commercial in Valencia.

The office vacancy rate in the San Fernando Valley edged up to 16.5% in the third quarter from 16.3% in the previous quarter, but remained the lowest rate among the four major regions of Los Angeles County, according to the real estate services firm Grubb & Ellis. In a separate report, Grubb & Ellis said the vacancy rate for office space in Ventura County was unchanged in the quarter that ended Sept. 30, while the retail space rate fell and the rate for industrial space rose.

North Coast Executive Center, the Oxnard office building with a curved, green-glass facade, failed to attract a successful bidder at a nationwide auction of commercial real estate. The highest bid made Thursday for the six-story structure adjoining the Ventura Freeway was $6.5 million, according to a source at Grubb & Ellis Commercial Real Estate Services, the building's leasing agent and an organizer of the auction.

The last two buildings available at Mission Oaks Business Park in Camarillo have been sold to Avia-Dynamics Corp, a manufacturer of airborne electronics. The buildings at 350 and 360 Cortez Circle are 8,048 and 9,408 square feet. CB Richard Ellis represented seller Pardee Construction Co. in the transaction. Avia-Dynamics Corp., which had been located in Moorpark, was represented by Realty Executives-Commercial in Valencia.

A buyer has finally been found for 1000 Town Center Drive, the green glass office building in Oxnard that has been on the market for two years. Bedford Property Investors Inc., a real estate investment trust based in Lafayette, Calif., has purchased the six-story structure from Citicorp for $5.1 million. The building adjoining the Ventura Freeway was completed in 1991 at an estimated cost of $17 million. Only about 40% of its 110,000 square feet of space is occupied. Citicorp turned down a $6.

Commercial real estate vacancies in the Conejo Valley have been decreasing steadily and are at their lowest levels in two years, according to a study by Westcord/Westoaks Commercial Group of Westlake Village. Office vacancies in the valley, bounded by the Calabasas and Conejo grades, stand at 14%, with unoccupied industrial space at 12% and retail vacancies at 8%.

The new owner of the long-troubled 1000 Town Center office building in Oxnard has leased nearly half of the 110,000-square-foot structure to the parent company of the Kinko's copying chain. The long-term lease is valued at about $5 million, close to the $5.1 million that Bedford Property Investors Inc., a Northern California real estate investment trust, paid last December when it purchased the modern green glass building from Citicorp.

Westlake Spectrum, a 61,000-square-foot, three-building complex in Westlake Village, has been sold to an investor group for $6.75 million. The complex was purchased from Weyerhaeuser Financial Investment Group by William Wilson & Associates, according to Michael Slater of CB Commercial, who handled the transaction. Located at 4333-4337 Park Terrace Ave., the center features 30,000 square feet in two equal-size, single-story structures and 31,000 square feet in a third, two-story building.

Three Ventura County office buildings have reached 100% occupancy, thanks to the signing of several new tenants. One of the structures, the six-story 1000 Town Center Drive building in Oxnard, leased its last available 3,200 square feet to State Farm Insurance Co. The insurance firm took a three-year lease, according to William Kiefer of Capital Commercial Real Estate. Also filled to capacity is a 30,000-square-foot building at 80 Woods Road in Camarillo. New tenants are ERI Corp.

The new owner of the long-troubled 1000 Town Center office building in Oxnard has leased nearly half of the 110,000-square-foot structure to the parent company of the Kinko's copying chain. The long-term lease is valued at about $5 million, close to the $5.1 million that Bedford Property Investors Inc., a Northern California real estate investment trust, paid last December when it purchased the modern green glass building from Citicorp.

A buyer has finally been found for 1000 Town Center Drive, the green glass office building in Oxnard that has been on the market for two years. Bedford Property Investors Inc., a real estate investment trust based in Lafayette, Calif., has purchased the six-story structure from Citicorp for $5.1 million. The building adjoining the Ventura Freeway was completed in 1991 at an estimated cost of $17 million. Only about 40% of its 110,000 square feet of space is occupied. Citicorp turned down a $6.

Commercial real estate vacancies in the Conejo Valley have been decreasing steadily and are at their lowest levels in two years, according to a study by Westcord/Westoaks Commercial Group of Westlake Village. Office vacancies in the valley, bounded by the Calabasas and Conejo grades, stand at 14%, with unoccupied industrial space at 12% and retail vacancies at 8%.

North Coast Executive Center, the Oxnard office building with a curved, green-glass facade, failed to attract a successful bidder at a nationwide auction of commercial real estate. The highest bid made Thursday for the six-story structure adjoining the Ventura Freeway was $6.5 million, according to a source at Grubb & Ellis Commercial Real Estate Services, the building's leasing agent and an organizer of the auction.

Westlake Spectrum, a 61,000-square-foot, three-building complex in Westlake Village, has been sold to an investor group for $6.75 million. The complex was purchased from Weyerhaeuser Financial Investment Group by William Wilson & Associates, according to Michael Slater of CB Commercial, who handled the transaction. Located at 4333-4337 Park Terrace Ave., the center features 30,000 square feet in two equal-size, single-story structures and 31,000 square feet in a third, two-story building.

It was the open spaces that lured Jack Gilbert to Ventura County, where TOLD Corp., his Oxnard-based real estate company, started in the early 1970s building office parks in bean fields, then often watched other businesses stream into the area. But people who watch the commercial real estate market in Ventura County these days have their minds on a different kind of open space: empty offices in the region, signaling a slowing demand for the space by area businesses.

The office vacancy rate in the San Fernando Valley edged up to 16.5% in the third quarter from 16.3% in the previous quarter, but remained the lowest rate among the four major regions of Los Angeles County, according to the real estate services firm Grubb & Ellis. In a separate report, Grubb & Ellis said the vacancy rate for office space in Ventura County was unchanged in the quarter that ended Sept. 30, while the retail space rate fell and the rate for industrial space rose.