Building Sale Ranks Among Market's Largest

CAMARILLO, CA-The sale of the 51,500-square-foot Plaza 5051 office building at Mission Oaks Business Park in this Ventura County submarket is believed to be one of the largest in the past year here, according to NAI Capital brokers who had the listing on the property. The sales price in the deal was undisclosed, but the 93% leased office building had been on the market at an asking price of more than $17.8 million.

The Plaza 5051 is a three-story building that is Camarillo’s newest class A office project, according to Bill Kiefer, Steve Economos and Geoff DeWolf of NAI Capital. The NAI Capital brokers represented the Foundation Group in the sale of Plaza 5051 to a regional private investor.

Designed by Pierce Cooley Architects, the office building was completed in 2007 and leased in 2008 to tenants that include a number of health care-related firms. The undisclosed buyer of the building was represented by Dr. David Wise of American Corporate Real Estate Services.

The office building is part of a Mission Oaks development that includes a theater, a Starbucks and a number of restaurants and is described by the NAI Capital team as one of the best office environments in the county. Its Central Ventura County location provides immediate access to the 101 Freeway in Camarillo.

In addition, the building features above-standard tenant improvements that were partially funded by the tenants, which was one of the selling points of the property. The NAI brokers point out that the health care-related tenants were also a selling point because medical office users tend to relocate far less often than general office tenants.