CAMARILLO, CA—A private investment group led by CPA Adrian Stern has acquired an 80,000-square-foot, class-A office building at the Mission Oaks Professional Center, GlobeSt.com reports exclusively. The property, which is located at 5141 Verdugo Way, traded hands for $12.8 million.
Industry veteran and KB Property Advisors broker Mark Paul represented both the buyer and the seller in the transaction. “The Mission Oaks Professional Center is in a really great area,” Paul tells GlobeSt.com. In the last five years, they have built this big shopping center right off of the freeway with really great shops. Camarillo has always been a great area, but the shopping center has made it a lot nicer, and this property has really benefitted from that. Although it is a class-A area, this retail presence has been really attractive to tenants.”
The property is currently 97% occupied, with the majority of the space leased by two major tenants, County of Ventura and Northrop Grumman. The County of Ventura leases 61% of the building and Northrop Grumman leased another 32% of the space. “We successfully operated the property for nearly a decade and leased the property to the highest quality tenants,” says Joseph Penner, managing member of Hill Street Realty and an affiliate of the seller.
The Camarillo market attracts a pretty diverse tenant mix. Earlier this year, GlobeSt.com reported ZPower renewed a 43,272-square-foot industrial lease. The company is a start-up that provides silver-zinc rechargeable battery technology for micro-battery applications. The lease positioned ZPower to expand its operations.