Texas firm pays $1.4B for Ventura County office space
Texas-based development giant Hines Interests acquired 16 office buildings in Ventura County last week in a transaction valued at almost $1.4 billion after the previous owners were unable to make payments on their loan.
The new office purchases include the 68,110-square-foot Conejo Business Park in the heart of Thousand Oaks.
“This is an economic driver in the community,” said Thousand Oaks Manager of Economic Development Gary Wartik. “The park has been available for some time, but it’s encouraging to me that commercial properties continue to trade because it leads the local economy.”
Also included in the purchase was the high-profile Camarillo Business Center, which includes two four-story office buildings totaling 152,630 square feet with space leased to Santa Barbara Bank & Trust, Pacific Oaks FCU and Stewart Title.
In Oxnard, the acquired office buildings included Center Promenade, 1000 Town Center and the Solar Drive Business Center. 1000 Town Center is a six-story office building totaling 115,934 square feet within the Oxnard River Park Project and Center Promenade is a seven-building office campus totaling 180,348 square feet.
The Solar Drive Business Center is comprised of three two-story buildings totaling 137,302 square feet in the Gonzales Road corridor near the factory outlets.
The Ventura County properties represent less than one-fifth of the entire 4 million-square-foot portfolio, which also includes properties in Los Angeles, Orange and San Diego counties.
Those properties were purchased for $1.51 billion by a group of 32 investors in May 2007 by Los Angeles-based Arden Realty.
Hines was one of 11 lenders for the 32 investors, who were represented by Florida-based Cabi Developers, a subsidiary of GICSA, the largest luxury developer in Mexico.
Cabi representatives offered no comment on the transaction.
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