Applied Cavitation needs room to grow, so the company recently signed a lease for 9,000 square feet of R&D space, more than doubling the size of its current offices.
The company plans to move into its new home at 44 Castilian Drive in Goleta sometime in mid-April and be completely up and running by June 1.
Applied Cavitation is a contract nanotechnology processing company that also develops its own proprietary product formulas in emerging markets such as 3D inks and transparent conductive coatings in the bio, electro-mechanical and energy sector.
The South Coast tech firm is currently going through some growing pains at its facility at 460 Ward Drive and more room to work is necessary to keep up with new business.
“We are working on contracts for aerospace [and] nano smart coatings and need more production space including a clean room, which our new facility will provide,” said chief financial officer and chief operating officer Craig Allen. “As we ramp up manufacturing, the new space will allow us to expand production, add staff and attract new customers with larger volume requirements.”
Mark Mattingly and Matt Logsdon of Pacifica Commercial Realty represented Applied Cavitation in the deal.
“[It’s] a big move up,” Mattingly said. “They are moving as their technology is now market ready and they plan to grow.”
The lease term is five years and the landlord is doing some “significant” upgrades to the building to accommodate the company’s lab requirement as well as reorganizing the office layout, he said.
The other tenant in the building is Raytheon. For Applied’s CEO Dana Hankey, the move marks the return to a familiar setting. Hankey started his career as a material scientist in the same building nearly two decades ago.
Simi Valley building fills up
The Human Services Agency of Ventura County is consolidating a handful of departments at new offices in the Younan Executive Center at 2900 Madera Road in Simi Valley.
The organization recently signed a lease for almost the entire 63,305-square-foot Class A office building situated just off Highway 118.
Younan Properties, a privately-held, national real estate investment and management company, has owned the building for a little over a year. With the deal, the property is now fully leased.
According to HSAVC Director Barry Zimmeran, 150 employees are moving into the new 57,200-square-foot space.
“This is a significant, long-term lease with a major tenant … We were able to add value quickly and turn a vacant office building into a fully leased asset in a very short time,” Zaya Younan, chairman and CEO of Younan Properties, said in a release.
The building had been vacant for almost four years prior to Younan acquiring the building.
Mark Leonard, senior vice president and principal along with vice presidents Cory Richmond and Jared Smits of the Lee & Associates L.A. North/Ventura office represented Younan in the transaction. HSAVC was represented by Keith Filegar, manager of the real estate services division for Ventura County.
Oxnard plaza changes hands
Oxnard’s Vineyard Plaza has new ownership. Irvine-based brokerage Hanley Investment Group represented the seller, a Los Angeles-based private investor, in the deal.
The purchase price for the Oxnard shopping center was $17.6 million. Hanley’s President Ed Hanley, Executive Vice President Bill Asher and Senior Vice President Kevin Fryman represented the seller.
“Supply for well-located value-add retail investments in Southern California remains very low,” Fryman said in a release. “We generated multiple motivated and qualified offers based on the quality of the location and future upside the property presented with 15 percent vacancy and various short term leases at below market rates.”
The deal was the product of a 1031 exchange. The buyer, 23560 Crenshaw Investors, a Los Angeles-based business entity, was represented by Nick Borrelli of Coldwell Banker Commercial NRT in Arcadia.
Vineyard Plaza was built in 1988 on roughly five and a half acres. Located just off the Pacific Coast Highway at 2311-2385 North Oxnard Blvd., the 64,421-square-foot property went through a remodel in 2004.
Tenants include Big 5 Sporting Goods, US Bank, Carl’s Jr., Circle K, the U.S. Armed Forces, H&R Block, State Farm and Waba Grill.
The center was 85 percent occupied at the time of the sale.