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Monday, Jun 17, 2024

Ventura Buys Building for Fire Agency

Ventura County has purchased a vacant 99,000-square-foot commercial office building located in Thousand Oaks, which it plans to use as its fire department administrative headquarters. Newmark Group Inc. arranged the sale.

The county acquired the low-rise building, known as 2400 Conejo Spectrum, from an undisclosed seller. The purchase price was $14.9 million.

“The sale of 2400 Conejo Spectrum to the County of Ventura Fire Department exemplifies a growing trend of owner-users capitalizing on pricing dislocation in the market,” Laura Stumm, a vice chair with Newmark, said.

Stumm represented the seller along with Newmark’s Kevin Shannon, co-head of U.S. Capital Markets, and fellow vice chairmen Ken White, Rob Hannan and Michael Moll.

“The Ventura County Fire Department is an ideal user for this asset, which has historically served as a headquarters corporate address,” Stumm said.

Built in 2001, 2400 Conejo Spectrum boasts high ceilings and has ample parking. The property was initially developed as a two-building office campus along with 2380 Conejo Spectrum, which is being retained by the seller.

The Conejo Valley submarket, which, according to Newmark data, maintains a low industrial vacancy rate of 2%, is an innovation node that caters to life science, flex and light-industrial users.

Currently, the Ventura County Fire Department has corporate headquarters in Camarillo, located on the Camarillo Airport grounds. The fire district’s administration, emergency services, fiscal services, fire prevention and planning and technology bureaus all work out of its headquarters.

All agencies will be relocating to the Thousand Oaks space soon.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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