(Read more on the multifamily market.)

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OXNARD, CA-Channel Islands Building & Development Partnersof Oxnard has acquired an industrial building formerly occupied bythe Oxnard Press Courier and plans to convert the property to 54condominium lofts in a $20-million redevelopment, according toSperry Van Ness. According to Mark Haworth of Sperry Van Ness inVentura, the buyer paid nearly $3.2 million for the 53,275-sfformer newspaper facility, which is situated on nearly 2.2 acres at300 W. Ninth St. in Downtown Oxnard.

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Haworth, who represented seller Argonaut Investments of CorteMadera, says that the deal will turn an obsolete industrialbuilding into an adaptive reuse project in a redevelopment districtwhich is undergoing a revitalization. Built in 1958 and renovatedin 1992, the property served as the print facility and editorialoffices for the Oxnard Press Courier Newspaper, which ceasedoperations in 1994.

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The 300 W. Ninth St. building is now being leased for generaloffice and warehouse use. The current tenancy began June 1998 andwill terminate in October 2008. The project schedule anticipatesapprovals from the City of Oxnard in March 2008 and completion ofconstruction in January 2010.

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According to Dave O. White Jr., principal with Channel IslandsBuilding & Development Partners Inc., the renovation plans willmaintain the integrity of the existing building. The Press CourierLofts will include rooftop decks, exposed ceilings and on-siteparking, with most of the units to feature separate enclosedtwo-car garages.

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White says that Channel Islands Building & Development hasbeen seeking urban infill projects in the Oxnard area, such asPress Courier Lofts, because the demand for housing in the city'surban core continues to rise. As in other urban areas where buyersare seeking homes close to jobs, retail, entertainment and transit,White says that the Press Courier Lofts will be designed to providea "live, work, play" environment.

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Channel Islands is also redeveloping Oxnard Art Lofts, an18-unit work/live industrial condominium development, which is alsoan adaptive reuse of an existing obsolete industrial building. TheOxnard Art Lofts project is at 2201 Statham Blvd.

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The City of Oxnard is actively pursuing infill developmentswithin its Downtown commercial business district. The districtincludes the new Plaza Cinemas 14-screen theater at CentennialPlaza, across the street from historic Plaza Park, the historictown square of Oxnard.

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