The Victoria Avenue Corridor is an important submarket withinthe region, according to Robert M. Campbell, president of CTRealty. He points out that Victoria Avenue is a major arterialhighway that runs from the marina in the south of the city to thehills in the north, offering convenient access to both the 126 andthe 101 freeways. "We are very positive about the Ventura officemarket and look forward to creating one of the most desirablebusiness locations in the region," Campbell says.

Campbell adds that CT Realty plans to invest $1.2 million torenovate and improve the three buildings, which were last renovatedin 2000. The complex is currently at 63% occupancy with 22 tenants.CT Realty plans to demise the large, unoccupied suites at theproperty into units of 3,000 sf or less in order to appeal tosmaller, service-oriented tenants which represent a largepercentage of the market. The firm also plans other improvements,including replacing the HVAC units, upgrading the landscaping,replacing the parking lot lighting, repairing window soffits,painting the exterior of the building and updating the interiorcorridors and lobby area.

CT Realty was represented by Malcolm Rickards of ColliersInternational in Sacramento, CA; The seller was represented by BuzMiller and Greg Kasner from Colliers International in Sacramento.Equity financing was provided by CT California Fund VI and byprivate investors, with debt financing provided by Pacific CoastCapital Partners.