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Receiver in control of Moorpark office building as case hits court

By   /   Monday, January 17th, 2011  /   Comments Off on Receiver in control of Moorpark office building as case hits court

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Condor Corporate Center, a 130,000-square-foot office building in Moorpark, is at the center of a lawsuit alleging the owner is in default on a $16 million loan.

A Ventura County Superior Court judge appointed a temporary receiver to take charge of the property in December and will consider appointing a permanent receiver later this month. In a lawsuit filed Dec. 27, plaintiff and lender Jeffcon Venture asked for court appointment of the receiver to take over management of the two-story building, which was completely renovated at the height of the real estate boom.

Los Angeles-based Brentwood Capital Management bought the office building at 5898 Condor Drive for $10.8 million in 2006, according to a news release at the time from brokerage firm Lee & Associates. Brentwood then refurbished the property with 10-foot ceilings, a second-floor mezzanine, landscaping and outdoor patios.

“This single or multi-tenant office building has one of the largest contiguous blocks of available office space in the West San Fernando Valley,” Brentwood boasts on its website.
Now, in the wake of the real estate meltdown, the property is allegedly in default on the acquisition loan. The loan was originally made by Bank of America in 2006 and transferred to plaintiff Jeffcon Venture LLC in December 2010, according to the suit.

Brentwood’s co-founders and managing members, Andrew Sobel and Paul Slye, did not return calls seeking their comments.

A Ventura County judge appointed G. Ryan Smith, a principal at Los Angeles-based Peregrine Realty Partners, as temporary receiver. The court is scheduled to consider the appointment of a permanent receiver at a Jan. 24 hearing.

Diani goes green

The Diani Companies starts the new year with a new LEED-certified corporate office in Santa Maria. The construction firm’s 11,000-square-foot office at 351 N. Blosser Road has been certified LEED Silver for energy-efficient lighting, water and material use.

Bonding firm expands

Contractors & Developers Bonding, a surety bond brokerage firm that specializes in bonds to contractors, recently opened a Pismo Beach office at 570 Price St., Ste. 207. The Covina-based firm also opened a Nipomo office last year.

Save the date

CB Richard Ellis holds its annual Ventura County Real Estate Symposium at the Four Seasons in Westlake Village on Jan. 28. Santa Barbara-based economist Mark Schniepp will keynote the event, which runs 7:30-10:30 a.m. Visit www.cbre.com for more information.

DEALS OF THE WEEK
• The Channel Group represented both parties in a deal that had a five-unit apartment complex at 257 Mathilda Drive in Goleta changing hands. Lynda Williams-Terres purchased the property for $1.1 million from seller Jon Reese.

• Lompoc’s “Wine Ghetto” has another tenant. Terravant Wine Co. leased 15,516 square feet in the industrial park at the intersection of 12th Street and Highway 246. Stephen Leider and Jarod King of Lee & Associates Central Coast were the listing agents. Tom Davidson of Lee & Associates represented the winery.

• Speaking of Lompoc, John Peckham of Peckham Commercial Real Estate represented the buyer in the purchase of 514 acres of agricultural land adjacent to the La Purisima golf course. The property at Cebada Canyon Road and Highway 246 sold to an unnamed Hope Ranch investor for an undisclosed amount, but was listed with an asking price of $6.9 million.

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About the author

Managing Editor

Marlize van Romburgh covers banking, finance, agricultural and viticulture. She writes a weekly column on commercial real estate and a monthly column on the restaurant industry. Follow her at @marlizevr

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