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VENTURA, CA-CT Realty Corp. of Newport Beach, CA has acquired the three-building, 113,346-sf Ventura Professional Center from Security National Properties Funding II for $11.75 million. The office complex is situated at 5700, 5720 and 5740 Ralston St. on 5.6 acres, in a central Ventura location approximately one mile south of the 126 Freeway and a half-mile north of the 101 Freeway near the Victoria Avenue exit.

The Victoria Avenue Corridor is an important submarket within the region, according to Robert M. Campbell, president of CT Realty. He points out that Victoria Avenue is a major arterial highway that runs from the marina in the south of the city to the hills in the north, offering convenient access to both the 126 and the 101 freeways. “We are very positive about the Ventura office market and look forward to creating one of the most desirable business locations in the region,” Campbell says.

Campbell adds that CT Realty plans to invest $1.2 million to renovate and improve the three buildings, which were last renovated in 2000. The complex is currently at 63% occupancy with 22 tenants. CT Realty plans to demise the large, unoccupied suites at the property into units of 3,000 sf or less in order to appeal to smaller, service-oriented tenants which represent a large percentage 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 interior corridors and lobby area.

CT Realty was represented by Malcolm Rickards of Colliers International in Sacramento, CA; The seller was represented by Buz Miller and Greg Kasner from Colliers International in Sacramento. Equity financing was provided by CT California Fund VI and by private investors, with debt financing provided by Pacific Coast Capital Partners.

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