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Friday, Jun 21, 2024

Beverly Hills Investor Buys Ventura Office Park

A nearly 200,000-square-foot office park in Ventura has sold to Omninet Capital, a real estate investment and venture capital firm in Beverly Hills. Omninet bought the property from Chicago-based Equity Office Properties for an undisclosed price, according to L.A. real estate brokerage Newmark Grubb Knight Frank. The Center Promenade office campus at 6401, 6477, 6633, 6555 Telephone Road; 1000, and 1070 Hill Road; and 1001 Partridge Drive has seven buildings on more than 2 acres and is next to the Ventura County Government Center. Tenants include the County of Ventura, Kaiser Foundation Health Plan and the State of California. The park was 81 percent leased at the time of sale. Sean Fulp, Kevin Shannon and Brad Burton of NGKF Capital Markets division represented Equity Office. Fulp said the property attracted a lot of interest because Equity Office had increased occupancy, improved tenant credit and extended the average lease terms. He said suburban office properties haven’t attracted much investor attention during the current real estate cycle but things have started to change. “Investors with flexible mandates and greater discretion are now investing in this product type as the risk-adjusted returns become more attractive than assets in more urban locations,” he added.

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